Flotek Industries Inc. (FTK) stock skyrocketed in the after-hours on Tuesday after acquisition news

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Flotek Industries Inc. (FTK) shares soared 49.29% in after-hours on Monday, December 27, 2021, and closed the daily trading at $0.84. However, in the regular trading session of Monday, FTK’s stock lost 8.59%. FTK shares have fallen 74.43% over the last 12 months, and they have moved down 16.07% in the past week. Over the past three months, the stock has lost 57.25%, while over the past six months, it has declined 69.23%.

Let’s have a look at its recent news and developments.


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FTK Received Unsolicited Indication of Interest

On December 27, 2021, Flotek Industries, Inc. (FTK) announced that it has received an unsolicited indication of interest for a potential transaction for all or part of the Company. Flotek’s Board of Directors has engaged Piper Sandler & Co. as a financial advisor to assist with the evaluation process. There is no other detail available at the moment.

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FTK listing deficiency on NYSE

On December 10, 2021, Flotek Industries, Inc. (FTK) received written notice from the New York Stock Exchange that the average closing price of the Company’s shares of common stock was below $1.00 per share for 30 consecutive trading days, which is below the requirement for continued listing on the NYSE.

The Company has six months following the receipt of the notice to cure the deficiency and regain compliance.

FTK participation in Virtual Road Show

Flotek Industries, Inc. (FTK) recently participated in Noble Capital Markets’ Virtual Road Show Series, presented by Channelchek, which was held on December 1, 2021.

Flotek Industries CEO John W. Gibson, Jr participated in the event and answer the questions submitted by the audience.

FTK recent financial results

On November 8, 2021, Flotek Industries, Inc. (FTK) reported third-quarter financial results for the three months ended September 30, 2021.

Q3 2021 financial highlights

  • FTK reported total revenue of $10.2 million in Q3 2021, compared to $12.7 million in the third quarter of 2020.
  • Total cost and expenses were $9.55 million in the third quarter of 2021 compared to $58.3 million in Q3 2020.
  • It earned a net income of $0.5 million, or an income of $0.01per basic/diluted share in Q3 2021 compared to a net loss of $45.24 million or a loss of $0.66 per basic/diluted share in Q3 2020.
  • Adjusted EBITDA was a loss of $6.3 million in Q3 2021 compared to a $6.5 million loss during the same period of the prior year.
  • The company ended the third quarter with cash and cash equivalents of $20.5 million.

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Conclusion

FTK stock went up in the after-hours after the company announced that it received an expression of interest for the acquisition of the company. We can expect it to further surge in the coming trading sessions on Tuesday.

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