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Tuesday, April 20, 2021

Fort Worth oil services firm receives notice from NYSE on compliance

FTS International Inc. (NYSE: FTSI) on April 15 announced it received written notice from the New York Stock Exchange that the company is not in compliance with the continued listing standards. The Fort Worth-based company said its average global market capitalization over a consecutive 30 trading-day period and last reported stockholders’ equity were both below $50 million, which is required by the NYSE.

The company said it 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.

FTS International, a vertically integrated oil field service provider, is one of several oil field service companies impacted by the drop in crude oil prices.

On March 23, the company it announced furloughs and a reduction of executive salaries.

FTS International will release its financial results for the first quarter ended March 31, 2020 on Wednesday, April 29, 2020 after the market closes.

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