Nine Energy falls on receiving non-compliance notice from NYSE

Nine Energy Service

25/10/2024 15:38

** Shares of U.S.-based oilfield services firm Nine Energy
Service  NINE.N  fall ~4% to 98 cents
    ** Company receives non-compliance notice from NYSE after
its market capitalization over a consecutive 30-day trading
period and stockholder's equity both fell below $50 mln 
    ** NINE intends to submit a business plan to NYSE within 45
days
    ** Says notice has no immediate impact on the listing of the
company's common stock, which will continue to trade on NYSE
    ** "NINE needs EBITDA of at least $15 mln per quarter to
reach free cash flow breakeven, and we don't expect that to
happen until second half of 2025" - ATB Capital Markets
    ** Including session's moves, stock down 63.22% YTD

 (Reporting by Pooja Menon in Bengaluru)
 ((Pooja.Menon@thomsonreuters.com;))