Superior Drilling Products, Inc. Regains Compliance with NYSE American Continued Listing Standards
May 19 2022 - 07:00AM
Business Wire
Superior Drilling Products, Inc. (NYSE American: SDPI) (“SDP” or
the “Company”), a designer and manufacturer of drilling tool
technologies, announced today that it has received notification
from the NYSE American LLC (“NYSE American”) that the Company has
regained compliance with the continued listing standard of Sections
1003(a)(ii) and (iii) of the NYSE American Company Guide (“the
“Company Guide”). At March 31, 2022, SDP had shareholders’ equity
of $6.5 million, surpassing the $6.0 million requirement to meet
the listing standard.
Troy Meier, Chairman and CEO commented, “We made excellent
progress this past year as evidenced by our strong growth and,
importantly, the significant operating leverage inherent in our
business that delivered earnings and improving book value. These
are exciting times for Superior Drilling. The demand for our
capabilities in the manufacture and refurbishment of drilling tools
continues to expand as our productivity and quality provides
greater benefits to our customers and replaces their need to add
capacity. Importantly as well, our branded drilling tools are
garnering greater attention in the marketplace as we capture
greater share on drilling rigs.”
As of May 19, 2022, the below compliance (“.BC”) indicator will
no longer be disseminated and the Company was removed from the list
of NYSE American noncompliant issuers on the NYSE American’s
website.
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® wellbore 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.
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version on businesswire.com: https://www.businesswire.com/news/home/20220519005272/en/
For more information, contact investor relations: Deborah
K. Pawlowski Kei Advisors LLC (716) 843-3908
dpawlowski@keiadvisors.com
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