Flotek shares jump 50% after hours on unsolicited takeover interest

Shares of Flotek Industries Inc.
jumped 50% in after-hours trading Monday after the Houston-based chemistry and data company disclosed that it has received an unsolicited indication of interest for a buyout of all or some of the company.

Flotek, which says it helps clients improve their Environmental, Social and Governance performance, says it has hired Piper Sandler & Co. to help evaluate the interest.

“There can be no assurance that such evaluation will result in one or more transactions or other strategic change or outcome,” Flotek said in a press release.

The company said it hasn’t set a timetable for when it will finish its evaluation of the offer.

The stock ended the extended trading session 50% higher at nearly 84 cents a share. It’s down more than 73% this year.

On Dec. 10, Flotek disclosed that it had received written notice from the New York Stock Exchange that the average closing price of the company’s common stock was below $1.00 a share over a period of 30 consecutive trading days, which is below the requirement for continued listing on the NYSE.

From the receipt of that notice, the company said it has six months to lift its stock price and regain compliance.