Nine Energy Service, Inc. Regains Compliance with NYSE Continued Listing Standards
September 12 2022 - 5:15PM
Business Wire
Nine Energy Service, Inc. (NYSE: NINE) (“Nine” or the “Company”)
announced today that on September 9, 2022, Nine was notified by the
New York Stock Exchange (“NYSE”) that the Company has regained
compliance with the quantitative continued listing standards. This
decision comes as a result of the Company’s achievement of
compliance with the NYSE’s minimum market capitalization and
shareholders’ equity requirement over the past two quarters.
On January 5, 2022, the Company was notified by the NYSE of its
noncompliance with the NYSE’s continued listing standards because
its average global market capitalization over a consecutive 30
trading-day period and last reported stockholders’ equity were both
below $50 million.
Accordingly, the Company is no longer considered out of
compliance with the continued listing standards and the below
compliance “.BC” indicator has been removed from the Company’s
common shares. Additionally, the Company will no longer be noted as
being below continued listing standards on the NYSE’s web site
(www.nyse.com). In accordance with the NYSE’s Listed Company
Manual, the Company will be subject to a 12-month follow-up period
within which the Company will be reviewed to ensure that the
Company does not once again fall below any of the NYSE’s continued
listing standards.
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 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 and which may be affected by geopolitical
and economic developments in the U.S. and globally, including
conflicts, instability, acts of war or terrorism in oil producing
countries or regions, particularly Russia, the Middle East, South
America and Africa; general economic conditions and inflation,
particularly, cost inflation with labor or materials; the adequacy
of the Company’s capital resources and liquidity; the Company’s
ability to attract and retain key employees, technical personnel
and other skilled and qualified workers; the ongoing COVID-19
pandemic and efforts to mitigate the spread of the virus, including
logistical challenges, performance of contracts and supply chain
disruptions; the Company’s ability to maintain existing prices or
implement price increases on our products and services; pricing
pressures, reduced sales, or reduced market share as a result of
intense competition in the markets for the Company’s dissolvable
plug products; conditions inherent in the oilfield services
industry, such as equipment defects, liabilities arising from
accidents or damage involving our fleet of trucks or other
equipment, explosions and uncontrollable flows of gas or well
fluids, and loss of well control; 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 incurrence of significant costs and liabilities
resulting from litigation; changes in laws or regulations regarding
issues of health, safety and protection of the environment; 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/20220912005612/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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