Nine Energy Service, Inc. Receives Notice from NYSE Regarding Continued Listing Requirements
April 22 2020 - 5:30PM
Business Wire
Nine Energy Service, Inc. (“Nine” or the “Company”) (NYSE: NINE)
announced today that, on April 21, 2020, the Company was notified
by the New York Stock Exchange (“NYSE”) of its noncompliance with
the NYSE’s continued listing standards because the average closing
price of shares of its common stock had fallen below $1.00 per
share over a period of 30 consecutive trading days, which is the
minimum average closing price per share required to maintain
continued listing on the NYSE. The Company’s Board of Directors is
reviewing all available alternatives to return to compliance with
the NYSE’s continued listing standards.
Under the NYSE’s rules, the Company has a period of six months
following the receipt of the notice to regain compliance with the
minimum share price requirement. To regain compliance, on the last
trading day in any calendar month during the cure period, the
Company’s common stock must have (i) a closing price of at least
$1.00 per share and (ii) an average closing price of at least $1.00
per share over the 30 trading day period ending on the last trading
day of such month. During the cure period, subject to the Company’s
compliance with other NYSE continued listing requirements, shares
of our common stock will continue to be traded on the NYSE under
the symbol “NINE” but will have an added designation of “.BC” to
indicate that the Company currently is not in compliance with the
NYSE’s continued listing requirements. If the Company is unable to
regain compliance, the NYSE will initiate procedures to suspend and
delist the Company’s common stock.
The NYSE notification does not affect our business operations or
our Securities and Exchange Commission reporting requirements and
does not result in a default under any of the Company’s material
debt agreements.
Forward Looking Statements
The foregoing contains 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. Forward-looking
statements are those that do not state historical facts and are,
therefore, inherently subject to risks and uncertainties.
Forward-looking statements also include statements that refer to or
are based on projections, uncertain events or assumptions. The
forward-looking statements included herein are based on current
expectations and entail various risks and uncertainties that could
cause actual results to differ materially from those
forward-looking statements. Such risks and uncertainties include,
among other things, the severity and duration of the COVID-19
pandemic, related economic repercussions and the resulting negative
impact on demand for oil and gas; the current significant surplus
in the supply of oil and the ability of the OPEC+ countries to
agree on and comply with supply limitations; the duration and
magnitude of the unprecedented disruption in the oil and gas
industry currently resulting from the impact of the foregoing
factors, which is negatively impacting our business; operational
challenges relating to the COVID-19 pandemic and efforts to
mitigate the spread of the virus, including logistical challenges,
protecting the health and well-being of our employees, remote work
arrangements, performance of contracts and supply chain
disruptions; pricing pressures, reduced sales, or reduced market
share as a result of intense competition in the markets for the
Company’s dissolvable plug products; the Company’s ability to
implement and commercialize new technologies, services and tools;
the Company’s ability to grow its completion tool business; the
Company’s ability to reduce capital expenditures; the Company’s
ability to accurately predict customer demand; the loss of, or
interruption or delay in operations by, one or more significant
customers; the loss of or interruption in operations of one or more
key suppliers; the adequacy of the Company’s capital resources and
liquidity; the incurrence of significant costs and liabilities
resulting from litigation; the loss of, or inability to attract,
key personnel; the Company’s ability to successfully integrate
recently acquired assets and operations and realize anticipated
revenues, cost savings or other benefits thereof; and other factors
described in the “Risk Factors” and “Business” sections of the
Company’s most recently filed Annual Report on Form 10-K and
subsequently filed Quarterly Reports on Form 10-Q and Current
Reports on Form 8-K. Readers are cautioned not to place undue
reliance on forward-looking statements, which speak only as of the
date hereof, and, except as required by law, the Company undertakes
no obligation to update those statements or to publicly announce
the results of any revisions to any of those statements to reflect
future events or developments.
About Nine Energy Service
Nine Energy Service is an oilfield services company that offers
completion solutions within North America and abroad. The Company
brings years of experience with a deep commitment to serving
clients with smarter, customized solutions and world-class
resources that drive efficiencies. Serving the global oil and gas
industry, Nine continues to differentiate itself through superior
service quality, wellsite execution and cutting-edge technology.
Nine is headquartered in Houston, Texas with operating facilities
in the Permian, Eagle Ford, SCOOP/STACK, Niobrara, Barnett, Bakken,
Marcellus, Utica and Canada.
For more information on the Company, please visit Nine’s website
at nineenergyservice.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20200422005982/en/
Nine Energy Service Investor Contact: Heather Schmidt
Vice President, Strategic Development, Investor Relations and
Marketing (281) 730-5113 investors@nineenergyservice.com
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