AND EXCHANGE COMMISSION
TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
OF REPORT (DATE OF EARLIEST EVENT REPORTED):
DRILLING PRODUCTS, INC.
name of registrant as specified in its charter)
South 1700 East
of principal executive offices)
File Number: 001-36453
telephone number, including area code: (435) 789-0594
the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under
any of the following provisions:
communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)|
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)|
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))|
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))|
Registered Pursuant to Section 12(b) of the Exchange Act:
of each class:
of each exchange on which registered:|
Stock, $0.001 par value
by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405
of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
growth company [ ]
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. [ ]
Item 3.01 Notice of Delisting or Failure to
Satisfy a Continued Listing Rule or Standard; Transfer of Listing.
On May 20, 2021, the Company
received a notification from the NYSE American LLC (the “NYSE American”) indicating that, as a result of the Company’s
stockholders’ equity of $3.3 million as of March 31, 2021, and reported losses for three of the last four fiscal years, the Company
is not in compliance with Section 1003(a)(ii) of the NYSE American listing standards. The notice has no immediate effect on the listing
or trading of the Company’s common stock.
The Company has been granted
through May 18, 2022 to regain compliance with all applicable NYSE listing standards based on a plan approved by the NYSE American in
January 2021, but subject to providing quarterly updates to its plan. Failure to regain compliance by that date could result in the NYSE
American commencing delisting proceedings.
8.01 Other Events.
May 26, 2021, the Company issued a press release announcing the notice of continued noncompliance from the NYSE American. A copy of the
press release is filed herewith as Exhibit 99.1.
9.01. Financial Statements and Exhibits.
to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned hereunto duly authorized.
May 26, 2021
DRILLING PRODUCTS, INC.|
Christopher D. Cashion|