Flotek Industries announced that the New York Stock Exchange (NYSE) has received approval from the Securities and Exchange Commission (SEC) for a pilot program that would lower the numeric thresholds for continued listing criterion to require a 30 day market capitalization of not less than $50 million and total stockholder's equity of not less than $50 million. The previous threshold was $75 million for market capitalization and stockholder's equity.
As a result of the aforementioned program, Flotek is deemed to be in compliance with the NYSE continued listing requirement.
The pilot program will be effective through October 31, 2009, with a subsequent rule filing anticipated by the NYSE prior to this date to make this a permanent continued listing standard change.
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