Nine Energy Service, Inc. Receives Notice from NYSE Regarding Continued Listing Requirements
January 07 2022 - 5:00PM
Business Wire
Nine Energy Service, Inc. (NYSE: NINE) (“Nine” or the “Company”)
announced today that it received written notice (the “Notice”) from
the New York Stock Exchange (the “NYSE”) on January 5, 2022, 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 NYSE procedures, the Company has 45 days from
its receipt of the Notice to submit a business plan to the NYSE
demonstrating how it intends to regain compliance with the NYSE’s
continued listing standards within 18 months. The Company intends
to develop and submit a business plan within 45 days of receipt of
the Notice that demonstrates its ability to regain compliance with
the NYSE’s continued listing standards within the required
timeframe. The Listings Operations Committee of the NYSE (the
“Committee”) will then review the business plan for final
disposition.
In the event the Committee accepts the plan, the Company will be
subject to quarterly monitoring for compliance with the business
plan. In the event the Committee does not accept the business plan,
the Company will be subject to delisting procedures and suspension
by the NYSE.
The Notice has no immediate impact on the listing of the
Company’s common stock, which will continue to trade on the NYSE.
In addition, the Notice does not affect the Company’s business
operations or its SEC reporting requirements and does not conflict
with or cause an event of default under any of the Company’s
material debt or other agreements.
About Nine Energy Service
Nine Energy Service is an oilfield services company that offers
completion solutions within North America and abroad. The Company
brings years of experience with a deep commitment to serving
clients with smarter, customized solutions and world-class
resources that drive efficiencies. Serving the global oil and gas
industry, Nine continues to differentiate itself through superior
service quality, wellsite execution and cutting-edge technology.
Nine is headquartered in Houston, Texas with operating facilities
in the Permian, Eagle Ford, SCOOP/STACK, Niobrara, Barnett, Bakken,
Marcellus, Utica and Canada.
For more information on the Company, please visit Nine’s website
at nineenergyservice.com.
Forward Looking Statements
The foregoing contains forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933 and Section
21E of the Securities Exchange Act of 1934. Forward-looking
statements are those that do not state historical facts and are,
therefore, inherently subject to risks and uncertainties.
Forward-looking statements also include statements that refer to or
are based on projections, uncertain events or assumptions. The
forward-looking statements included herein, such as those regarding
the Company’s plan to regain compliance with NYSE listing
standards, are based on current expectations and entail various
risks and uncertainties that could cause actual results to differ
materially from those forward-looking statements. Such risks and
uncertainties include, among other things, the level of capital
spending and well completions by the onshore oil and natural gas
industry, which has been and may again be affected by the COVID-19
pandemic and related economic repercussions; the ability of the
OPEC+ countries to agree on and comply with supply limitations;
operational challenges relating to the COVID-19 pandemic and
efforts to mitigate the spread of the virus, including logistical
challenges, protecting the health and well-being of our employees,
remote work arrangements, performance of contracts and supply chain
disruptions; pricing pressures, reduced sales, or reduced market
share as a result of intense competition in the markets for the
Company’s dissolvable plug products; the Company’s ability to
implement and commercialize new technologies, services and tools;
the Company’s ability to grow its completion tool business; the
Company’s ability to manage capital expenditures; the Company’s
ability to accurately predict customer demand; the loss of, or
interruption or delay in operations by, one or more significant
customers; the loss of or interruption in operations of one or more
key suppliers; the adequacy of the Company’s capital resources and
liquidity; the incurrence of significant costs and liabilities
resulting from litigation; the loss of, or inability to attract,
key personnel, technical personnel and other skilled and qualified
workers; the Company’s ability to successfully integrate recently
acquired assets and operations and realize anticipated revenues,
cost savings or other benefits thereof; and other factors described
in the “Risk Factors” and “Business” sections of the Company’s most
recently filed Annual Report on Form 10-K and subsequently filed
Quarterly Reports on Form 10-Q and Current Reports on Form 8-K.
Readers are cautioned not to place undue reliance on
forward-looking statements, which speak only as of the date hereof,
and, except as required by law, the Company undertakes no
obligation to update those statements or to publicly announce the
results of any revisions to any of those statements to reflect
future events or developments.
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version on businesswire.com: https://www.businesswire.com/news/home/20220107005023/en/
Nine Energy Service Investor Contact: Heather Schmidt
Vice President, Strategic Development, Investor Relations and
Marketing (281) 730-5113 investors@nineenergyservice.com
Nine Energy Service (NYSE:NINE)
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