Business Context and Reporting Period
Company: Flotek Industries, Inc.
Filing Type: Form 8-K (Current Report)
Date of Report: March 24, 2009 (Event Date)
Subject: Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard.
Key Financial Metrics
The filing does not provide specific revenue, profit, cash flow, or margin figures. However, it discloses the following metrics triggering the listing notice:
- Average Market Capitalization: Less than $75 million over a 30-day trading period.
- Stockholder's Equity: Less than $75 million (based on last reported figures).
Material Changes
On March 24, 2009, Flotek was notified by the New York Stock Exchange (NYSE) that it failed to meet continued listing standards under Rule 802.01B(I) of the NYSE Listed Company Manual due to the market capitalization and equity thresholds noted above.
Outlook, Management Commentary, and Risks
Management Plan: Flotek intends to submit a compliance plan to the NYSE within 45 days of receiving the notice. The plan aims to demonstrate the ability to achieve compliance within an 18-month cure period.
Listing Status: If the NYSE accepts the plan, the company's common stock will remain listed during the cure period, subject to quarterly monitoring.
Risks: Failure to submit an acceptable plan or fail to meet the cure period requirements could result in delisting from the NYSE.
Investor Verification Checklist
- Verify the specific date and content of the compliance plan submission to the NYSE (due within 45 days of March 24, 2009).
- Monitor quarterly compliance reports regarding the 18-month cure period.
- Review the attached Press Release (Exhibit 99.1) for additional management commentary on the financial situation.
- Confirm current stock price and market capitalization trends to assess the likelihood of meeting the $75 million threshold.