HOUSTON, Dec. 13, 2019 /PRNewswire/ -- CARBO Ceramics
Inc. (NYSE: CRR) ("CARBO" or "the Company") today announced that it
expects its common shares will be delisted from the New York Stock
Exchange ("NYSE") on or about December 20,
2019 as a result of its failure to meet the NYSE's average
global market capitalization rule.
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This announcement follows on the Company's receipt of a notice
from the NYSE on December 10, 2019
that CARBO is not in compliance with the continued listing criteria
with its share price falling below $1.00 over a period of 30 consecutive trading
days. As a result, CARBO has applied to list the Company's common
shares on the OTCQB Market. The Company anticipates that
trading of its common shares on the OTCQB Market will begin on or
about December 23, 2019.
The transition will not impact the CARBO's business operations
or the Company's ongoing transformation strategy to improve its
cash position, diversify its business, and strengthen its financial
foundation in the face of oil and gas industry volatility. The
Company will continue to adhere to its SEC reporting requirements.
This action does not cause an event of default under any of CARBO's
material debt or other agreements.
About CARBO
CARBO® is a global technology company that provides
products and services to several markets, including oil and gas,
industrial, agricultural, and environmental markets to enhance
value for its clients.
CARBO Oilfield Technologies - is a leading provider of
market-leading technologies to create engineered production
enhancements solutions that help E&P operators to design, build
and optimize the frac - increasing well production and estimated
ultimate recovery, and lower finding and development cost per
barrel of oil equivalent.
CARBO Industrial Technologies - is a leading provider of
high-performance ceramic media and industrial technologies
engineered to increase process efficiency, improve end-product
quality and reduce operating cost. CARBO has world class
manufacturing expertise. We bring new products to market
faster to meet client demands.
CARBO Environmental Technologies - is a leading provider of
spill prevention and containment solutions that provide the highest
level of protection for clients' assets and the environment in oil
and gas and industrial applications. Our range of innovative
products feature a proprietary polyurea coating technology that
creates a seamless, impermeable, maintenance-free layer of
protection.
For more information, please visit www.carboceramics.com.
Forward-Looking Statements
The statements in this news release that are not historical
statements, including statements regarding our future financial and
operating performance and liquidity and capital resources, are
forward-looking statements within the meaning of the U.S. Private
Securities Litigation Reform Act of 1995. Forward-looking
statements describe future expectations, plans, results or
strategies and can often be identified by the use of terminology
such as "may", "will", "estimate", "intend", "continue", "believe",
"expect", "anticipate", "should", "could", "potential",
"opportunity", or other similar terminology. All
forward-looking statements are based on management's current
expectations and estimates, which involve risks and uncertainties
that could cause actual results to differ materially from those
expressed in forward-looking statements. Among these factors
are changes in overall economic conditions, changes in the demand
for, or price of, oil and natural gas, changes in the cost of raw
materials and natural gas used in manufacturing our products, risks
related to our ability to access needed cash and capital, our
ability to meet our current and future debt service obligations,
including our ability to maintain compliance with our debt
covenants, our ability to manage distribution costs effectively,
changes in demand and prices charged for our products, risks of
increased competition, technological, manufacturing and product
development risks, our dependence on and loss of key customers and
end users, changes in foreign and domestic government regulations,
including environmental restrictions on operations and regulation
of hydraulic fracturing, changes in foreign and domestic political
and legislative risks, risks of war and international and domestic
terrorism, risks associated with foreign operations and foreign
currency exchange rates and controls, weather-related risks, risks
associated with the successful implementation of our transformation
strategy, risks related to our ability to access needed cash and
capital, the possibility we conclude that we are not able to
continue as a going concern, our ability to implement certain
liquidity-enhancing transactions including contemplated asset
sales, and other risks and uncertainties. Additional factors
that could affect our future results or events are described from
time to time in our reports filed with the Securities and Exchange
Commission (the "SEC"). Please see the discussion set forth
under the caption "Risk Factors" in our most recent annual report
on Form 10-K, and similar disclosures in subsequently filed reports
with the SEC. We assume no obligation to update
forward-looking statements, except as required by law.
CARBO Ceramics Inc.
Mark Thomas
Director of Investor Relations
281-921-6400
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SOURCE CARBO Ceramics Inc.
