Business Context and Reporting Period
This Form 8-K was filed by Flotek Industries, Inc. on September 14, 2023. The report primarily addresses a Regulation FD disclosure regarding a projected financial milestone for the third quarter of 2023 and a corporate action approved by the Board of Directors. Additionally, the filing notes a change in the company's principal executive office address effective August 29, 2023.
Key Financial Metrics
The filing text does not provide specific numerical values for revenue, profit, cash flow, margins, debt, or liquidity. The document references a press release (Exhibit 99.1) stating the company projects achieving a "financial milestone" in the third quarter of 2023, but the specific metric or target amount is not detailed within the body of this 8-K.
Material Changes
- Reverse Stock Split: The Board of Directors approved a 1-for-6 reverse split of the Company's common stock.
- Office Relocation: The principal executive office address was changed from 8846 N. Sam Houston Parkway W., Houston, TX 77064 to 5775 N. Sam Houston Parkway W., Suite 400, Houston, TX 77086.
Guidance, Outlook, and Management Commentary
Management announced via press release that the Company projects achieving a financial milestone in the third quarter of 2023. The filing explicitly states that the information furnished pursuant to Item 7.01 and the attached press release shall not be deemed "filed" for purposes of Section 18 of the Exchange Act and is not subject to the liabilities of that section.
Investor Verification Checklist
- Review Exhibit 99.1 (Press Release) to identify the specific definition and numerical target of the "financial milestone" mentioned for Q3 2023.
- Verify the effective date and record date for the 1-for-6 reverse stock split to understand its impact on share count and trading price.
- Confirm the updated mailing address for official correspondence: 5775 N. Sam Houston Parkway W., Suite 400, Houston, TX 77086.
- Check subsequent filings for the actual Q3 2023 financial results to determine if the projected milestone was achieved.