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FTS International announced that its stockholders approved the Merger Agreement with ProFrac Holdings at a special meeting. Approximately 71.54% of outstanding shares voted in favor, translating to 10,124,258 shares. The agreement, dated October 21, 2021, required approval from a majority of shares not held by ProFrac affiliates. Other proposals regarding executive compensation and adjournment were also discussed. The meeting recorded 74.30% shareholder participation. Approval of the merger signals a strategic shift for FTSI, potentially enhancing its market position.
FTS International, Inc. (FTSI) has scheduled a special meeting for stockholders on March 3, 2022, at 9:00 a.m. ET, to vote on a merger with ProFrac Holdings, LLC. The record date for eligible shareholders is January 21, 2022. This merger, initially announced on October 22, 2021, will result in FTSI becoming a wholly-owned subsidiary of ProFrac, pending approval from a majority of FTSI stockholders. The meeting will be conducted virtually, ensuring remote participation for shareholders.
FTS International, Inc. (NYSE American: FTSI) received a notice from NYSE American on January 4, 2022, citing non-compliance with listing standards due to not holding an annual meeting for the fiscal year ending December 31, 2020, before December 31, 2021. The Company is set to merge with ProFrac Holdings, with the transaction expected to finalize in Q1 2022, resulting in FTSI becoming a wholly owned subsidiary of ProFrac and delisted from the NYSE American.
FTS International, Inc. (FTSI) announced the expiration of the 45-day 'go-shop' period related to its merger with ProFrac Holdings, LLC. During this period, no alternative acquisition proposals were received after outreach to 46 potential counterparties. FTSI's Board of Directors unanimously approved the merger, recommending stockholder support for the transaction, which is expected to close in the first quarter of 2022, pending stockholder and regulatory approvals. Post-merger, FTSI's stock will no longer be publicly traded.
FTS International reported Q3 2021 results, revealing revenue of $90.9 million, a decline from $99.8 million in Q2. The company incurred a net loss of $10 million, worsening from a $2.6 million loss previously. Adjusted EBITDA fell to $6.3 million, down from $13.8 million. Operational disruptions led to lower fleet utilization at 83%, impacting pumping activity. However, higher pricing trends were noted, with a projected 5% increase in Q4. FTSI has agreed to be acquired by ProFrac for approximately $407.5 million, offering shareholders $26.52 per share, a 14% premium on recent share prices.
FTS International, Inc. (FTSI) has announced a definitive agreement to be acquired by ProFrac Holdings, LLC for approximately
FTS International, Inc. (FTSI) has released its preliminary financial results for Q3 2021, reporting revenue between
FTS International, Inc. (NYSE American: FTSI) announced its participation in the Barclays CEO Energy-Power Conference, scheduled for September 8-10, 2021. CEO Michael Doss will present on September 10, 2021, at 10:20 a.m. Eastern Time. An accompanying slide presentation will be accessible on FTS International's website starting September 8, 2021. Headquartered in Fort Worth, Texas, FTS International specializes in hydraulic fracturing services across the U.S.
FTS International reported a significant 77% sequential increase in adjusted EBITDA, reaching $13.8 million in Q2 2021, alongside revenue of $99.8 million. Despite a net loss of $2.6 million, this is an improvement from $7.9 million in Q1. The company plans to assemble a new $26 million fleet with advanced Tier 4 DGB engines to enhance efficiency and reduce emissions. Cash from operations amounted to $20 million, marking a positive shift from the previous quarter's negative flow. Active fleets remained steady at 13, with improved performance metrics driving optimism for the latter half of the year.
FTS International, Inc. (NYSE American: FTSI) will announce its second-quarter financial results on August 5, 2021, after the market closes. The results will be discussed in a conference call on August 6, 2021, at 10:00 a.m. Central Time. CEO Michael Doss will present the results, joined by COO Buddy Petersen and CFO Lance Turner for a Q&A session. Investors can participate via phone or webcast, with a replay available until August 27, 2021. FTS International specializes in hydraulic fracturing services across the U.S.
