Superior Drilling Products, Inc. Announces NYSE American Accepts Continued Listing Compliance Plan
February 02 2021 - 4:36PM
Business Wire
Requires compliance with listing standards
by May 18, 2022
Superior Drilling Products, Inc. (NYSE American: SDPI) (“SDP” or
the “Company”), a designer and manufacturer of drilling tool
technologies, today announced that NYSE American has accepted the
Company’s plan of compliance for continued listing on the exchange.
SDP has been granted a plan period through May 18, 2022 to regain
compliance with the listing compliance standards of Section
1003(a)(iii). The Company will continue to trade under the symbol
“SDPI” on the NYSE American pursuant to this extension. The Company
will be required to submit quarterly progress updates on the
initiatives outlined in the compliance plan.
Troy Meier, Chairman, President and CEO of SDP, commented, “We
are confident that we have outlined a plan of compliance that will
enable us to continue our listing on the NYSE American. We are
focused on delivering quality drilling technologies to a growing
share of our markets both domestically and internationally. Our
technologies drive notable efficiencies in drilling which we
believe is beneficial to our customers and the environment. We also
plan to capitalize on our unique capabilities in manufacturing to
expand our opportunities to drive growth and profits.”
As previously announced, on November 18, 2020, the Company was
notified by the NYSE American LLC that it had not met compliance
standards of Section 1003(a)(iii) as a result of stockholders’
equity falling below $6.0 million and having reported losses in its
five most recent fiscal years ended December 31, 2019.
Stockholders’ equity was approximately $4.7 million as of September
30, 2020. If the Company is not in compliance with the continued
listing standards by May 18, 2022 or if the Company does not make
progress consistent with the plan during the plan period, NYSE
Regulation staff will initiate delisting proceedings as
appropriate. Were that to be the case, SDP may appeal the staff
delisting determination.
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, driving
efficiencies in the production of fossil fuels, providing benefits
to our customers, the environment and the global economy and the
success of capitalizing on manufacturing expertise to drive growth
and profits 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 International markets, 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.
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version on businesswire.com: https://www.businesswire.com/news/home/20210202006142/en/
For more information, contact investor relations: Deborah
K. Pawlowski, Kei Advisors LLC (716) 843-3908,
dpawlowski@keiadvisors.com
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