Superior Drilling Products, Inc., a designer and manufacturer of drilling tool technologies, announced that NYSE American has accepted the Company’s plan of compliance for continued listing on the exchange.
SDP has been granted a plan period through May 18, 2022 to regain compliance with the listing compliance standards of Section 1003(a)(iii). The Company will continue to trade under the symbol “SDPI” on the NYSE American pursuant to this extension. The Company will be required to submit quarterly progress updates on the initiatives outlined in the compliance plan.
Troy Meier, Chairman, President and CEO of SDP, commented, “We are confident that we have outlined a plan of compliance that will enable us to continue our listing on the NYSE American. We are focused on delivering quality drilling technologies to a growing share of our markets both domestically and internationally. Our technologies drive notable efficiencies in drilling which we believe is beneficial to our customers and the environment. We also plan to capitalize on our unique capabilities in manufacturing to expand our opportunities to drive growth and profits.”
As previously announced, on November 18, 2020, the Company was notified by the NYSE American LLC that it had not met compliance standards of Section 1003(a)(iii) as a result of stockholders’ equity falling below $6.0 million and having reported losses in its five most recent fiscal years ended December 31, 2019. Stockholders’ equity was approximately $4.7 million as of September 30, 2020.
If the Company is not in compliance with the continued listing standards by May 18, 2022 or if the Company does not make progress consistent with the plan during the plan period, NYSE Regulation staff will initiate delisting proceedings as appropriate. Were that to be the case, SDP may appeal the staff delisting determination.
