Superior Drilling Merchandise, Inc. (NYSE American: SDPI) (“SDP” or the “Firm”), an innovator and producer of drilling device applied sciences, at this time introduced that on November 18, 2020, the Firm acquired notification from the NYSE American LLC (the “NYSE American”) that it had not met compliance requirements of Part 1003(a)(iii) on account of stockholders’ fairness falling under $6.zero million and having reported losses in its 5 most up-to-date fiscal years ended December 31, 2019. Stockholders’ fairness was roughly $4.7 million as of September 30, 2020.
The Firm will consider all accessible choices to regain compliance with the continued itemizing requirements by the required date of May 18, 2022. SDP then intends to submit a plan for regaining compliance to the NYSE American by the required submission date of December 18, 2020. If the NYSE American accepts the plan, the Firm will likely be topic to ongoing periodic opinions, together with quarterly monitoring, for compliance with the plan.
About Superior Drilling Merchandise, Inc.
Superior Drilling Merchandise, Inc. is an modern, cutting-edge drilling device expertise firm offering value saving options that drive manufacturing efficiencies for the oil and pure gasoline drilling business. The Firm designs, manufactures, repairs and sells drilling instruments. SDP drilling options embrace the patented Drill-N-Ream® effectively bore conditioning device and the patented Strider™ oscillation system expertise. As well as, SDP is a producer and refurbisher of PDC (polycrystalline diamond compact) drill bits for a number one oil area service firm. SDP operates a state-of-the-art drill device fabrication facility, the place it manufactures its options for the drilling business, in addition to clients’ customized merchandise. The Firm’s technique for progress is to leverage its experience in drill device expertise and modern, precision machining so as to broaden its product choices and options for the oil and gasoline business.
Further details about the Firm could be discovered at: www.sdpi.com.
Secure Harbor Concerning Ahead Wanting Statements
This information launch comprises forward-looking statements and knowledge which can be topic to a variety of dangers and uncertainties, a lot of that are past our management. All statements, aside from statements of historic reality included on this launch, together with, with out limitations, the continued impression of COVID-19 on the enterprise, the Firm’s technique, future operations, success at growing future instruments, the Firm’s effectiveness at executing its enterprise technique and plans, monetary place, estimated income and losses, projected prices, prospects, plans and targets of administration, and talent to outperform are forward-looking statements. The usage of phrases “may,” “consider,” “anticipate,” “intend,” “estimate,” “count on,” “may,” “proceed,” “predict,” “potential,” “challenge”, “forecast,” “ought to” or “plan, and comparable expressions are meant to determine forward-looking statements, though not all ahead -looking statements comprise such figuring out phrases. These statements mirror the beliefs and expectations of the Firm and are topic to dangers and uncertainties that may trigger precise outcomes to vary materially. These dangers and uncertainties embrace, amongst different elements, the period of the COVID-19 pandemic and associated impression on the oil and pure gasoline business, the effectiveness of success at enlargement within the Center East, choices accessible for market channels in North America, the deferral of the commercialization of the Strider expertise, the success of the Firm’s enterprise technique and prospects for progress; our capability to keep up the itemizing of our widespread stock on the NYSE American; the market success of the Firm’s specialised instruments, effectiveness of its gross sales efforts, its cash circulation and liquidity; monetary projections and precise working outcomes; the quantity, nature and timing of capital expenditures; the provision and phrases of capital; competitors and authorities laws; and normal financial situations. These and different elements may adversely have an effect on the end result and monetary results of the Firm’s plans and described herein. The Firm undertakes no obligation to revise or replace any forward-looking statements to mirror occasions or circumstances after the date hereof.
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For extra info, contact investor relations:
Deborah Okay. Pawlowski
Kei Advisors LLC