Superior Drilling Products, Inc. Receives Notice of Continued Noncompliance from NYSE American & Acceptance of Continued List...
May 26 2021 - 4:37PM
Business Wire
Superior Drilling Products, Inc. (NYSE American: SDPI) (“SDP” or
the “Company”), a designer and manufacturer of drilling tool
technologies, today announced that on May 20, 2021, the Company
received notification from the NYSE American LLC (the “NYSE
American”) that it had not met compliance standards of Section
1003(a)(ii) as a result of stockholders’ equity falling below $4.0
million and having reported losses in its five most recent fiscal
years ended December 31, 2020. Stockholders’ equity was
approximately $3.3 million as of March 31, 2021.
SDP has been granted a plan period through May 18, 2022 to
regain compliance
SDP’s initial plan for regaining compliance was accepted by the
NYSE American on January 28, 2021. SDP subsequently received
approval on May 21, 2021 from the NYSE American on its first
quarterly update to its plan.
The Company will continue to trade under the symbol “SDPI” on
the NYSE American pursuant to this plan period extension. SDP will
be subject to ongoing periodic reviews, including quarterly
monitoring, for compliance with the plan.
About Superior Drilling Products, Inc.
Superior Drilling Products, Inc. is an innovative, cutting-edge
drilling tool technology company providing cost saving solutions
that drive production efficiencies for the oil and natural gas
drilling industry. The Company designs, manufactures, repairs and
sells drilling tools. SDP drilling solutions include the patented
Drill-N-Ream® well bore conditioning tool and the patented Strider™
oscillation system technology. In addition, SDP is a manufacturer
and refurbisher of PDC (polycrystalline diamond compact) drill bits
for a leading oil field service company. SDP operates a
state-of-the-art drill tool fabrication facility, where it
manufactures its solutions for the drilling industry, as well as
customers’ custom products. The Company’s strategy for growth is to
leverage its expertise in drill tool technology and innovative,
precision machining in order to broaden its product offerings and
solutions for the oil and gas industry.
Additional information about the Company can be found at:
www.sdpi.com.
Safe Harbor Regarding Forward Looking Statements
This news release contains forward-looking statements and
information that are subject to a number of risks and
uncertainties, many of which are beyond our control. All
statements, other than statements of historical fact included in
this release, including, without limitations, achieving the
objective provided in the continued listing compliance plan
submitted to the NYSE American, the continued impact of COVID-19 on
the business, the Company’s strategy, future operations, success at
developing future tools, the Company’s effectiveness at executing
its business strategy and plans, financial position, estimated
revenue and losses, projected costs, prospects, plans and
objectives of management, and ability to outperform are
forward-looking statements. The use of words “could,” “believe,”
“anticipate,” “intend,” “estimate,” “expect,” “may,” “continue,”
“predict,” “potential,” “project”, “forecast,” “should” or “plan,
and similar expressions are intended to identify forward-looking
statements, although not all forward -looking statements contain
such identifying words. These statements reflect the beliefs and
expectations of the Company and are subject to risks and
uncertainties that may cause actual results to differ materially.
These risks and uncertainties include, among other factors, the
duration of the COVID-19 pandemic and related impact on the oil and
natural gas industry, the effectiveness of success at expansion in
the Middle East, options available for market channels in North
America, the deferral of the commercialization of the Strider
technology, the success of the Company’s business strategy and
prospects for growth; the market success of the Company’s
specialized tools, effectiveness of its sales efforts, its cash
flow and liquidity; financial projections and actual operating
results; the amount, nature and timing of capital expenditures; the
availability and terms of capital; competition and government
regulations; and general economic conditions. These and other
factors could adversely affect the outcome and financial effects of
the Company’s plans and described herein. The Company undertakes no
obligation to revise or update any forward-looking statements to
reflect events or circumstances after the date hereof.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20210526005938/en/
For more information, contact investor relations: Deborah
K. Pawlowski, Kei Advisors LLC (716) 843-3908,
dpawlowski@keiadvisors.com
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