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, which may include, if necessary, effectuating a reverse stock split.
The Company’s stockholders approved a proposal at the Company’s 2022 annual meeting giving the Board of Directors of the Company (the “Board”) authority to effect a reverse stock split of the Company’s common stock at a ratio to be determined by the Board ranging from a ratio of one to three to a ratio of one to six. If the Board determines to implement the reverse stock split, the Company will issue a press release announcing the terms and effective date before it takes effect.
