Flotek Industries Raises $16 Million via Private Placement

Flotek Industries, Inc. announced it has closed a private placement of convertible preferred stock, and warrants to purchase shares of common stock, for gross proceeds of around $16 million via private placement.

Flotek will receive net proceeds of around $15 million from the private placement offering. Flotek will use the net proceeds to reduce borrowings under its bank credit facility, thereby providing additional liquidity, and for general corporate purposes.

Flotek said that, giving pro forma effect to the completed private placement, its stockholders’ equity as of June 30 is greater than $50 million, so the company continues to be in compliance with the continued listing requirements of the New York Stock Exchange in New York.

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