Filing Analysis
Nine Energy Service, Inc. filed an 8-K to furnish its quarterly press release regarding results of operations and financial condition for the quarter ended June 30, 2026.
📋 Key Facts
- The filing relates to the period ending June 30, 2026.
- The company issued a press release (Exhibit 99.1) containing operational and financial results.
- The information provided under Item 2.02 is furnished but not 'filed' for purposes of Section 18 liability.
Nine Energy Service, Inc. announced the resignation of board member Richard A. Burnett effective November 9, 2025. To fill the vacancy and maintain governance structure, Chairman Scott E. Schwinger has been appointed to lead the Audit Committee.
🚩 Red Flags
- Reduction in board size from six to five members.
📋 Key Facts
- Richard A. Burnett resigned from the Board of Directors on November 9, 2025.
- The resignation was not due to any disagreement with the Company regarding operations, policies, or practices.
- Board size reduced from six members to five members effective November 10, 2025.
- Scott E. Schwinger (Chairman of the Board) appointed as a member and Chair of the Audit Committee effective November 10, 2025.
Nine Energy Service, Inc. filed an 8-K to announce the release of its quarterly results for the period ended September 30, 2025. The filing serves as a formal notification that financial results have been made public via press release.
📋 Key Facts
- Report date: October 30, 2025
- Reporting period: Quarter ended September 30, 2025
- The filing includes an earnings press release as Exhibit 99.1
- The information is furnished but not 'filed' for purposes of Section 18 liability.
Nine Energy Service, Inc. announced its quarterly results for the period ending June 30, 2025, and reported scheduled changes to its Board of Directors.
🚩 Red Flags
- None identified in this filing; departures and appointments appear to be pre-planned/previously disclosed.
📋 Key Facts
- The Company issued a press release regarding results of operations and financial condition for the quarter ended June 30, 2025 (Item 2.02).
- Mark E. Baldwin resigned from the Board of Directors effective August 1, 2025, as part of a planned transition.
- Jerome (Joey) D. Hall joined the Board of Directors on August 2, 2025, as previously disclosed.
Nine Energy Service entered into a new $125 million asset-based revolving credit facility (ABL) with White Oak Commercial Finance, LLC to refinance its existing JPMorgan Chase ABL. The filing also details several board of director changes and the approval of an incentive plan amendment by stockholders.
🚩 Red Flags
- Refinancing of existing debt (replaces the Prior ABL Credit Facility) suggests a need for liquidity management/restructuring.
- Financial covenant (fixed charge ratio of 1.10 to 1.00) is relatively tight and only tested when cash availability drops below $10 million, indicating potential sensitivity to liquidity levels.
📋 Key Facts
- Entered into a new $125 million asset-based revolving credit facility (New ABL Credit Agreement) with White Oak Commercial Finance, LLC.
- The New ABL Facility includes a $5 million sublimit for letters of credit and an uncommitted accordion feature allowing up to $50 million in additional capacity.
- The company borrowed approximately $48.9 million under the new facility on May 1, 2025, to repay the prior JPMorgan Chase ABL and pay associated fees.
- Interest rates are based on SOFR plus a margin of 4.00% to 4.50%, depending on the fixed charge coverage ratio.
- The agreement includes a financial covenant requiring a minimum fixed charge ratio of 1.10 to 1.00, tested quarterly when availability is below $10 million.
- Stockholders approved an amendment to the 2011 Stock Incentive Plan, increasing the share pool by 3,900,000 shares and extending the plan term by 10 years.
- Board changes: Gary L. Thomas resigned; Richard A. Burnett joined; Mark E. Baldwin plans to resign August 1, 2025; Jerome D. Hall appointed effective August 2, 2025.
Nine Energy Service, Inc. received a Price Criteria Notice from the NYSE because its average closing share price fell below $1.00 over a consecutive 30-day period. The company is already under a separate compliance plan regarding market capitalization and stockholders' equity.
🚩 Red Flags
- Delisting notice (Price Criteria)
- Multiple compliance issues: Price deficiency and existing market capitalization/equity deficiency
- Potential for a reverse stock split to cure price deficiency
- Risk of accelerated delisting if market cap falls below $15 million or price becomes 'abnormally low'
📋 Key Facts
- Received NYSE Price Criteria Notice on April 30, 2025.
- Non-compliance due to average closing share price being less than $1.00 over a consecutive 30-trading-day period (Section 802.01C).
- The company has a six-month cure period to regain compliance by maintaining a $1.00 minimum price/average.
- Company is already under an existing NYSE compliance plan regarding market capitalization and stockholders' equity (received Oct 21, 2024) with a deadline of April 21, 2026.
- The stock will trade under the symbol 'NINE.BC' to indicate non-compliance.
Nine Energy Service announced significant restructuring of its Board of Directors, including the resignation of three directors and a planned reduction in board size from eight to six members. The company also appointed two new directors and elected a new Chairman.
🚩 Red Flags
- Significant turnover in Board composition within a single quarter.
- Planned reduction in the size of the Board suggests strategic realignment or cost-cutting measures.
- Multiple upcoming departures (Thomas and Baldwin) create ongoing leadership instability through August 2025.
📋 Key Facts
- Three directors (Ernie L. Danner, Curtis F. Harrell, and Andrew L. Waite) resigned effective February 28, 2025.
- The Board size is being reduced from eight members to six by the end of the year.
- Julie A. Peffer appointed as director (effective March 1, 2025) and Audit Committee member (effective March 7, 2025).
- Richard A. Burnett appointed as director (effective May 3, 2025) and Audit Committee member (effective May 3, 2025).
- Scott E. Schwinger elected as Chairman of the Board, replacing Ernie L. Danner.
- Two additional resignations are expected: Gary L. Thomas on May 2, 2025, and Mark E. Baldwin on August 1, 2025.
Nine Energy Service, Inc. filed an 8-K to furnish its quarterly results of operations and financial condition for the period ended September 30, 2024.
📋 Key Facts
- The filing was made on October 31, 2024.
- The company issued a press release (Exhibit 99.1) regarding its Q3 2024 financial results.
- The information provided under Item 2.02 is furnished but not 'filed' for purposes of Section 18 liability.
Nine Energy Service, Inc. received a notice from the NYSE stating it no longer meets continued listing standards due to falling below minimum market capitalization and stockholders' equity thresholds. The company intends to submit a plan to regain compliance within 45 days.
🚩 Red Flags
- Delisting notice from NYSE (quantitative deficiency).
- Market capitalization and stockholders' equity both below $50M threshold.
- Risk of delisting if stock price falls below $1.00 for 30 consecutive days.
- Potential reduction in liquidity and ability to raise equity financing.
📋 Key Facts
- Received NYSE notice on October 21, 2024.
- Failure to meet Section 802.01B of the NYSE Listed Company Manual.
- Average global market capitalization was <$50M over a 30-day period ending Oct 18, 2024.
- Last reported stockholders' equity was <$50M.
- Company has 45 days from receipt of notice to submit a compliance plan.
- The company will be assigned a '.BC' indicator on the NYSE ticker 'NINE'.
- An 18-month cure period is available if the compliance plan is accepted.
Nine Energy Service, Inc. filed an 8-K to furnish its quarterly results of operations and financial condition for the period ended June 30, 2024 via a press release.
📋 Key Facts
- Report date: August 5, 2024
- Reporting period: Quarter ended June 30, 2024
- The filing consists of a press release (Exhibit 99.1) regarding financial results.
- Information is furnished under Item 2.02 and is not considered 'filed' for purposes of Section 18 liability.
Nine Energy Service, Inc. reported the results of its 2024 Annual Meeting of Stockholders held on May 3, 2024. The meeting included the election of three Class III Directors and the ratification of PricewaterhouseCoopers LLP as independent auditors.
📋 Key Facts
- Annual Meeting held on May 3, 2024.
- Three nominees (Mark E. Baldwin, Ernie L. Danner, Ann G. Fox) were elected to the Board for a three-year term.
- PricewaterhouseCoopers LLP was ratified as the independent registered public accounting firm for fiscal year ending Dec 31, 2024.
- Say-on-pay advisory votes regarding executive compensation and voting frequency were approved by stockholders.
- The company issued a press release on May 6, 2024, regarding Q1 2024 results of operations (furnished but not filed).
Nine Energy Service, Inc. issued a press release regarding its financial results for the quarter and fiscal year ended December 31, 2023.
📋 Key Facts
- Report date: March 7, 2024
- Reporting period: Quarter and year ended December 31, 2023
- The filing is a standard announcement of results of operations and financial condition via Exhibit 99.1.