FTS International Receives Notice from NYSE Regarding Continued Listing Standard
February 06 2020 - 4:15PM
Business Wire
FTS International, Inc. (NYSE: FTSI) (the “Company”) today
announced it has received written notice from the New York Stock
Exchange (the “NYSE”) notifying it that, over a period of 30
consecutive trading days, the average closing price of the
Company’s common stock was below the minimum $1.00 per share
requirement for continued listing on the NYSE under Item 802.01C of
the NYSE Listed Company Manual.
In accordance with applicable NYSE procedures, the Company plans
to timely notify the NYSE that it intends to cure the $1.00 per
share deficiency and has six months following the receipt of the
noncompliance notice to cure the deficiency and regain compliance
with the NYSE continued listing requirement. The notice has no
immediate impact on the listing of the Company’s common stock,
which will continue to trade on the NYSE. The Company intends to
actively monitor the closing share price for its common stock and
will explore available options to regain compliance.
About FTS International, Inc.
Headquartered in Fort Worth, Texas, FTS International is one of
the largest independent hydraulic fracturing service companies and
one of the only vertically integrated service providers of its kind
in North America. To learn more, visit www.FTSI.com.
Forward-Looking and Cautionary Statements
This press release contains “forward-looking statements” within
the meaning of the Private Securities Litigation Reform Act of
1995. Forward-looking statements include statements related to the
Company’s plans to notify NYSE of its plan to regain compliance and
the Company’s intention to regain compliance with the NYSE
continued listing standards, and other statements identified by
words such as “could,” “may,” “might,” “will,” “likely,”
“anticipates,” “intends,” “potential,” “plans,” “seeks,”
“believes,” “estimates,” “expects,” “continues,” “projects” and
similar references to future periods.
Forward-looking statements are based on the Company’s current
expectations and assumptions regarding capital market conditions,
the Company’s business, the economy and other future conditions.
Because forward-looking statements relate to the future, by their
nature, they are subject to inherent uncertainties, risks and
changes in circumstances that are difficult to predict. As a
result, the Company’s actual results may differ materially from
those contemplated by the forward-looking statements. Important
factors that could cause actual results to differ materially from
those in the forward-looking statements include, but are not
limited to, the projected operations of the Company; results of
litigation, arbitration, settlements and investigations; actions by
third parties, including governmental agencies; volatility in
customer spending and in oil and natural gas prices, which could
adversely affect demand for the Company’s services and capital
expenditures; global economic conditions; excess availability of
pressure pumping equipment; liabilities from operations; weather;
decline in, and ability to realize, backlog; potential delay in
future equipment specialization and new technologies, including
electric fleets; shortages, delays in delivery and interruptions of
supply of equipment and materials; ability to hire and retain
personnel; loss of, or reduction in business with, key customers;
difficulty with growth and in integrating acquisitions; product
liability; political, economic and social instability risk; ability
to effectively identify and enter new markets; cybersecurity risk;
dependence on our subsidiaries to meet our long-term debt
obligations; variable rate indebtedness risk; and anti-takeover
measures in our charter documents and other risks and
uncertainties. Any forward-looking statement made in this press
release speaks only as of the date on which it is made. The Company
undertakes no obligation to publicly update or revise any
forward-looking statement, except as required by law.
When considering these forward-looking statements, you should
keep in mind the risk factors and other cautionary statements in
the Company’s filings with the SEC, including the most recently
filed Forms 10-Q and 10-K. The Company’s filings may be reviewed on
its website at ftsi.com or through the SEC’s Electronic Data
Gathering and Analysis Retrieval System (EDGAR) at
http://www.sec.gov.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20200206005837/en/
Lance Turner Chief Financial Officer 817-862-2000
Investors@FTSI.com
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