HOUSTON, April 17, 2020 /PRNewswire/ -- Flotek
Industries, Inc. ("Flotek" or the "Company") (NYSE: FTK) today
announced it has received written notice from the New York Stock
Exchange (the "NYSE") that the average closing price of the
Company's shares of common stock was below $1.00 per share over a period of 30 consecutive
trading days, which is below the requirement for continued listing
on the NYSE.
In accordance with applicable NYSE procedures, the Company plans
to notify the NYSE that it intends to cure the $1.00 per share deficiency. Based on the
applicable NYSE procedures, the Company has six months following
the receipt of the notice to cure the deficiency and regain
compliance. The notice has no immediate impact on the listing
of the Company's common stock, which will continue to trade on the
NYSE subject to the Company's continued compliance with the other
listing requirements of the NYSE. The common stock of the
Company will continue to trade under the symbol "FTK," but will
have an added designation of ".BC" to indicate that the status of
the common stock is "below compliance" with the NYSE continued
listing standards. The ".BC" indicator will be removed at
such time as the Company is deemed to be in compliance. The
Company intends to monitor the closing share price for its common
stock and explore available options to regain compliance.
About Flotek Industries, Inc.
Flotek develops and
delivers reservoir-centric chemistry technologies to oil and gas
clients designed to address every challenge in the lifecycle of the
reservoir and maximize recovery in both new and mature fields.
Flotek's chemists draw from the power of bio-derived solvents to
deliver solutions that enhance energy production. Flotek serves
major and independent energy producers and oilfield service
companies, both domestic and international. Flotek is a publicly
traded company headquartered in Houston,
Texas, and its common shares are traded on the New York
Stock Exchange under the ticker symbol "FTK." For additional
information, please visit Flotek's web site at
www.flotekind.com.
Forward-Looking Statements
Certain statements set
forth in this press release constitute forward-looking statements
(within the meaning of Section 27A of the Securities Act of 1933
and Section 21E of the Securities Exchange Act of 1934) regarding
Flotek Industries, Inc.'s business, financial condition, results of
operations and prospects. Words such as will, continue,
expects, anticipates, intends, plans, believes, seeks, estimates
and similar expressions or variations of such words are intended to
identify forward-looking statements, but are not the exclusive
means of identifying forward-looking statements in this press
release. Although forward-looking statements in this press
release reflect the good faith judgment of management, such
statements can only be based on facts and factors currently known
to management. Consequently, forward-looking statements are
inherently subject to risks and uncertainties, and actual results
and outcomes may differ materially from the results and outcomes
discussed in the forward-looking statements. Further
information about the risks and uncertainties that may impact the
Company are set forth in the Company's most recent filing with the
Securities and Exchange Commission on Form 10-K (including, without
limitation, in the "Risk Factors" section thereof), and in the
Company's other SEC filings and publicly available documents.
Readers are urged not to place undue reliance on these
forward-looking statements, which speak only as of the date of this
press release. The Company undertakes no obligation to revise
or update any forward-looking statements in order to reflect any
event or circumstance that may arise after the date of this press
release.
View original content to download
multimedia:http://www.prnewswire.com/news-releases/flotek-industries-receives-continued-listing-standard-notice-from-nyse-301042980.html
SOURCE Flotek Industries, Inc.