Business Context and Reporting Period
Company: Flotek Industries, Inc.
Filing Type: Form 8-K (Current Report)
Report Date: January 4, 2010
Event Date: December 28, 2009
Context: The Company reported a regulatory event regarding its listing status on the New York Stock Exchange (NYSE).
Key Financial Metrics
This filing does not contain standard financial performance data such as revenue, profit, cash flow, or margins. However, it discloses specific financial thresholds related to listing compliance:
- 30-Day Average Market Capitalization: Below the NYSE required threshold of $50 million.
- Total Stockholders' Equity: Below the NYSE required threshold of $50 million.
Material Changes
On December 28, 2009, the Company received notification from the NYSE that it failed to satisfy continued listing standards under Rule 802.01B(I) of the NYSE Listed Company Manual. This failure was due to both its market capitalization and stockholders' equity falling below the $50 million requirement.
Outlook, Risks, and Management Commentary
- Compliance Plan: The Company has 45 days from the receipt of the notice to submit a plan to the NYSE demonstrating its ability to achieve compliance within an 18-month cure period.
- Current Status: The Company is in active discussions with the NYSE regarding the plan. Common stock will continue to be listed on the NYSE during this process, subject to compliance with other listing requirements.
- Public Disclosure: A press release detailing these matters was issued on December 31, 2009.
Investor Verification Checklist
- Verify the specific contents of the compliance plan submitted to the NYSE within the 45-day window.
- Monitor the Company's stock price and equity levels to assess progress toward the $50 million threshold.
- Review the attached press release (Exhibit 99.1) for additional management commentary on the situation.
- Check for subsequent filings regarding the NYSE's acceptance or rejection of the cure plan.