Business Context and Reporting Period
Company: Flotek Industries, Inc.
Filing Type: Form 8-K (Current Report)
Date of Report: June 8, 2009
Event: Notification of compliance with New York Stock Exchange (NYSE) continued listing requirements following a modification of listing thresholds.
Key Financial Metrics
This filing does not contain specific financial statements, revenue, profit, cash flow, or debt figures. The report references the following listing criteria thresholds:
- Previous NYSE Requirement: 30-day average market capitalization of at least $75 million and total stockholders' equity of at least $75 million.
- Modified NYSE Requirement (Pilot Program): 30-day average market capitalization of at least $50 million and total stockholders' equity of at least $50 million.
Material Changes
The material change reported is the Company's status regarding NYSE listing compliance. Previously notified on March 27, 2009, of falling below the $75 million market capitalization and equity thresholds, the Company was notified on June 1, 2009, that the NYSE adopted a pilot program lowering these thresholds to $50 million. Consequently, the Company is now deemed in compliance with the continued listing requirement.
Guidance, Outlook, and Risks
Management Commentary: The filing confirms the Company's compliance with the modified listing standards. A press release detailing this compliance is included as Exhibit 99.1.
Risks and Contingencies: The filing addresses the risk of delisting due to insufficient market capitalization and equity, which has been temporarily mitigated by the NYSE's pilot program. No other risks or unusual items are disclosed in this specific report.
Investor Verification Checklist
- Verify the Company's current 30-day average market capitalization and total stockholders' equity to ensure they remain above the $50 million threshold.
- Confirm the duration and specific terms of the NYSE pilot program to understand if the $50 million threshold is permanent or temporary.
- Review the press release filed as Exhibit 99.1 for additional details on the Company's financial position.
- Monitor future filings for any further changes in listing status or financial performance.