HOUSTON – (BUSINESS WIRE) – January 7, 2022–
Nine Energy Service, Inc. (NYSE: NINE) (“Nine” or the “Company”) announced today that it has received a 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 continuous listing standards set out in section 802.01B of the NYSE Listed Company Manual because its average global market capitalization over a period of 30 consecutive trading days and the last reported equity were both less than $ 50 million.
In accordance with NYSE procedures, the Company has 45 days from receipt of the Notice to submit a business plan to the NYSE demonstrating how it intends to return to compliance with the NYSE Continuous Listing Standards in a timely manner. 18 month period. The Company intends to develop and submit a business plan within 45 days of receipt of the Notice which demonstrates its ability to re-comply with the NYSE Continuous Listing Standards within the required time frame. The NYSE Listing Operations Committee (the “Committee”) will then review the business plan for final disposition.
If the plan is accepted by the Committee, the Company will be subject to quarterly monitoring of compliance with the business plan. If the Committee does not accept the business plan, the Company will be subject to delisting proceedings and suspension by the NYSE.
The Notice has no immediate impact on the listing of the Company’s common shares, which will continue to trade on the NYSE. Further, 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 material indebtedness of the Company. or other agreements.
About Nine Energy Service
Nine Energy Service is an oilfield services company providing completion solutions in North America and internationally. The company brings years of experience with a deep commitment to serving customers with smarter, more personalized solutions and world-class resources that drive efficiency. Serving the global oil and gas industry, Nine continues to differentiate itself through superior service quality, well site execution and advanced 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 about the Company, please visit the Nine website at nineenergyservice.com.
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 which do not state historical facts and are therefore inherently subject with 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 in this document, such as those regarding the Company’s plan to restore compliance with NYSE listing standards, are based on current expectations and involve various risks and uncertainties that could cause actual results to occur. differ materially from these forward-looking statements. These risks and uncertainties include, among others, the level of capital spending and well completions by the onshore oil and gas industry, which has been and may again be affected by the COVID-19 pandemic and the economic repercussions. related; the ability of OPEC + countries to agree and comply with supply limitations; operational challenges related to the COVID-19 pandemic and efforts to mitigate the spread of the virus, including logistical challenges, protection of the health and well-being of our employees, remote working arrangements, contract enforcement and supply chain disruptions; pricing pressures, reduced sales or reduced market share due to intense competition in the markets for the Company’s soluble closures products; the Company’s ability to implement and market new technologies, services and tools; the Company’s ability to develop its completion tools business; the Company’s ability to manage capital expenditures; the Company’s ability to accurately forecast customer demand; the loss, interruption or delay in the operation of one or more major customers; the loss or interruption of operations of one or more key suppliers; the adequacy of the Company’s capital and liquidity resources; the incurring of significant costs and liabilities resulting from litigation; loss or inability to attract key personnel, technical personnel and other qualified and skilled workers; the Company’s ability to successfully integrate recently acquired assets and operations and to realize the anticipated revenues, cost savings or other benefits arising therefrom; and other factors described in the “Risk Factors” and “Activity” sections of the Company’s latest annual report filed on Form 10-K, then quarterly reports filed on Form 10-Q and current reports on the 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 makes no commitment to update such statements or to publicly announce the results of any revision of any of these statements to reflect future events or developments.
See the source version on businesswire.com: https://www.businesswire.com/news/home/20220107005023/en/
CONTACT: Nine Energy Service Investor contact:
Vice-President, Strategic Development, Investor Relations and Marketing
KEYWORD: UNITED STATES NORTH AMERICA TEXAS
INDUSTRY KEYWORD: PROFESSIONAL ENERGY SERVICES OIL / GAS FINANCING
SOURCE: Nine Energy Service, Inc.
Copyright Business Wire 2022.
PUB: 07/01/2022 17: 00 / DISC: 07/01/2022 17:02
Copyright Business Wire 2022.