Flotek Inds Inc Del Stock Price, News & Analysis

Flotek Industries, Inc. (NYSE: FTK) announced a conference call scheduled for March 10 at 3:30 p.m. CST to discuss a significant long-term supply agreement with ProFrac Holdings, LLC. This agreement is expected to enhance Flotek's market position and sustainability efforts in the specialty green chemistry sector. The conference call will be accessible via the company's website and phone line. Flotek aims to address its Environmental, Social, and Governance (ESG) performance through innovative chemical solutions, thereby improving operational costs and returns for its clients.

Flotek Industries has entered a long-term supply agreement with ProFrac Holdings, potentially increasing revenue backlog by $1 billion to $2.1 billion over the next decade. The deal includes issuing convertible notes to ProFrac and granting them the right to appoint two additional board members, totaling four out of seven. The transaction is anticipated to close in Q2 2022, pending shareholder approval. Flotek plans to provide further details and host a conference call regarding the agreement.

Flotek Industries has announced a long-term partnership with ProFrac Services to supply sustainable chemistry solutions for hydraulic fracturing operations. This agreement is projected to generate a backlog of over $230 million in revenue over three years, enhancing operational and ESG performance for both companies. Flotek will also receive $10 million in convertible notes and enter a $21.2 million PIPE transaction to boost growth capital. The partnership aims to reduce greenhouse gas emissions while providing a comprehensive solution for energy resource development.

Flotek Industries (NYSE: FTK) announced it has received an unsolicited indication of interest for a potential transaction involving all or part of the Company. To evaluate this offer, the Board of Directors has engaged Piper Sandler & Co. as a financial advisor. There is no guarantee that this evaluation will lead to any transactions or strategic changes, and no timetable has been set for its conclusion. Flotek intends to withhold further comments until a specific course of action is approved or disclosure is legally required.

Flotek Industries, Inc. (NYSE: FTK) received notice from the NYSE that its stock price fell below $1.00 per share for 30 consecutive trading days. Flotek has six months to address this issue and regain compliance. The stock will continue to trade on the NYSE, but with a '.BC' designation indicating it is below compliance. This notice does not immediately impact trading but requires the company to monitor its share price closely and explore options for compliance recovery.

Flotek Industries (NYSE: FTK) will participate in Noble Capital Markets' Virtual Road Show on December 1, 2021, at 1 PM EDT. CEO John W. Gibson, Jr will join a live fireside chat moderated by Noble Senior Analyst Michael Heim, addressing audience-submitted questions. Registration for the event is free and open to all investors. This engagement highlights Flotek's commitment to enhancing its profile among investors and stakeholders while showcasing its green chemistry and data solutions aimed at reducing environmental impact.

Flotek Industries reported a third quarter revenue of $10.2 million, up 10.9% from the prior quarter but down 20.1% year-over-year. The increase in revenue is attributed to customer growth, with a 34% rise in revenue from non-core customers, despite losing two major clients. Operating expenses decreased significantly to $5.4 million due to a settlement related to the ADM lawsuit. The company achieved a net income of $0.5 million, a notable turn from a prior loss. Flotek's liquidity improved with cash equivalents of $20.5 million and extended loan maturity to 2025.

Flotek Industries, Inc. (NYSE: FTK) announced it will release its Q3 2021 financial results after market close on November 8, 2021. The company will hold a conference call on November 9, 2021, at 9 a.m. CST to discuss these results. Flotek specializes in green chemistry solutions to improve environmental impact across various markets, enhancing performance in Energy and Commercial sectors.

Flotek Industries (NYSE: FTK) announced a settlement agreement to resolve its litigation with Archer-Daniels-Midland and related parties in Texas and Delaware. The mutually agreeable settlement marks the end of a legacy matter regarding the termination of the terpene supply agreement. CEO John W. Gibson, Jr. expressed optimism about continuing to develop solutions that minimize environmental impact. Flotek focuses on creating sustainable chemistry technology while enhancing Environmental, Social, and Governance performance across various markets.