Superior Drilling Products, Inc. Receives Notice of Noncompliance from NYSE American
November 20 2020 - 8:03AM
Business Wire
Superior Drilling Products, Inc. (NYSE American: SDPI) (“SDP” or
the “Company”), an innovator and manufacturer of drilling tool
technologies, today announced that on November 18, 2020, the
Company received notification from the NYSE American LLC (the “NYSE
American”) that it had not met compliance standards of Section
1003(a)(iii) as a result of stockholders’ equity falling below $6.0
million and having reported losses in its five most recent fiscal
years ended December 31, 2019. Stockholders’ equity was
approximately $4.7 million as of September 30, 2020.
The Company will evaluate all available options to regain
compliance with the continued listing standards by the required
date of May 18, 2022. SDP then intends to submit a plan for
regaining compliance to the NYSE American by the required
submission date of December 18, 2020. If the NYSE American accepts
the plan, the Company will be subject to ongoing periodic reviews,
including quarterly monitoring, for compliance with the plan.
About Superior Drilling Products, Inc.
Superior Drilling Products, Inc. is an innovative, cutting-edge
drilling tool technology company providing cost saving solutions
that drive production efficiencies for the oil and natural gas
drilling industry. The Company designs, manufactures, repairs and
sells drilling tools. SDP drilling solutions include the patented
Drill-N-Ream® well bore conditioning tool and the patented Strider™
oscillation system technology. In addition, SDP is a manufacturer
and refurbisher of PDC (polycrystalline diamond compact) drill bits
for a leading oil field service company. SDP operates a
state-of-the-art drill tool fabrication facility, where it
manufactures its solutions for the drilling industry, as well as
customers’ custom products. The Company’s strategy for growth is to
leverage its expertise in drill tool technology and innovative,
precision machining in order to broaden its product offerings and
solutions for the oil and gas industry.
Additional information about the Company can be found at:
www.sdpi.com.
Safe Harbor Regarding Forward Looking Statements
This news release contains forward-looking statements and
information that are subject to a number of risks and
uncertainties, many of which are beyond our control. All
statements, other than statements of historical fact included in
this release, including, without limitations, the continued impact
of COVID-19 on the business, the Company’s strategy, future
operations, success at developing future tools, the Company’s
effectiveness at executing its business strategy and plans,
financial position, estimated revenue and losses, projected costs,
prospects, plans and objectives of management, and ability to
outperform are forward-looking statements. The use of words
“could,” “believe,” “anticipate,” “intend,” “estimate,” “expect,”
“may,” “continue,” “predict,” “potential,” “project”, “forecast,”
“should” or “plan, and similar expressions are intended to identify
forward-looking statements, although not all forward -looking
statements contain such identifying words. These statements reflect
the beliefs and expectations of the Company and are subject to
risks and uncertainties that may cause actual results to differ
materially. These risks and uncertainties include, among other
factors, the duration of the COVID-19 pandemic and related impact
on the oil and natural gas industry, the effectiveness of success
at expansion in the Middle East, options available for market
channels in North America, the deferral of the commercialization of
the Strider technology, the success of the Company’s business
strategy and prospects for growth; our ability to maintain the
listing of our common stock on the NYSE American; the market
success of the Company’s specialized tools, effectiveness of its
sales efforts, its cash flow and liquidity; financial projections
and actual operating results; the amount, nature and timing of
capital expenditures; the availability and terms of capital;
competition and government regulations; and general economic
conditions. These and other factors could adversely affect the
outcome and financial effects of the Company’s plans and described
herein. The Company undertakes no obligation to revise or update
any forward-looking statements to reflect events or circumstances
after the date hereof.
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version on businesswire.com: https://www.businesswire.com/news/home/20201120005182/en/
For more information, contact investor relations: Deborah
K. Pawlowski Kei Advisors LLC (716) 843-3908
dpawlowski@keiadvisors.com
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