FTS International Receives Notice From NYSE Regarding Continued Listing Standard
April 15 2020 - 4:15PM
Business Wire
FTS International, Inc. (NYSE: FTSI) (the “Company”) today
announced it received written notice from the New York Stock
Exchange (the “NYSE”) that the Company is not in compliance with
the continued listing standards set forth in Item 802.01B of the
NYSE Listed Company Manual because its average global market
capitalization over a consecutive 30 trading-day period and last
reported stockholders’ equity were both below $50 million.
In accordance with applicable NYSE procedures, the Company plans
to timely notify the NYSE that it intends to submit a plan within
45 days that demonstrates its ability to bring the Company into
compliance with the NYSE continued listing standards within 18
months of receipt of notice of non-compliance. The notice has no
immediate impact on the listing of the Company’s common stock,
which will continue to trade on the NYSE.
About FTS International, Inc.
Headquartered in Fort Worth, Texas, FTS International is 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 the NYSE of its intention to submit a
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 ultimate geographic spread, duration and severity
of the coronavirus (COVID-19) outbreak, and the effectiveness of
actions taken, or actions that may be taken, by governmental
authorities to contain the outbreak or treat its impact; 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.
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version on businesswire.com: https://www.businesswire.com/news/home/20200415005539/en/
Lance Turner Chief Financial Officer 817-862-2000
Investors@FTSI.com
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