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Flotek Industries, Inc. (NYSE:FTK), a company that has delivered an impressive 205% return over the past year and currently maintains a market capitalization of $423.57 million, reported Wednesday that its shareholders approved the issuance of common stock underlying the April 2025 Warrant held by ProFrac GDM, LLC. The decision was made at a special meeting of stockholders, according to a statement released through a U.S. Securities and Exchange Commission filing.According to InvestingPro analysis, Flotek demonstrates strong financial health with multiple positive indicators, including sufficient cash flows to cover interest payments and liquid assets exceeding short-term obligations.
At the meeting, shareholders also approved the potential adjournment of the special meeting to solicit additional proxies if needed, but this step was not required as enough votes were cast in favor of the stock issuance.
A total of 23,509,819 shares, representing 78.8% of the company’s outstanding common stock as of the May 19, 2025 record date, were represented in person or by proxy. The proposal to approve the issuance of stock related to the April 2025 Warrant received 23,455,215 votes in favor, 49,281 against, and 5,323 abstentions. There were no broker non-votes.
Shareholders also voted on the proposal to adjourn the special meeting if necessary. The results showed 23,339,264 votes in favor, 166,691 against, and 3,864 abstentions.
The company stated that the approval relates to a prior agreement connected to the acquisition of certain gas distribution assets. Flotek Industries has agreed to register the resale of the shares of common stock underlying the April 2025 Warrant as part of an existing registration rights agreement with ProFrac Holding Corp. and its affiliates. The company expects to file a registration statement on Form S-3 with the SEC to register these shares and to replace a previous shelf registration statement that expired in May 2025.
The company noted that the filing does not constitute an offer to sell or a solicitation to buy any securities.
All information is based on a press release statement included in the company’s SEC filing.
In other recent news, Flotek Industries reported significant financial growth for the first quarter of 2025, with revenue increasing by 37% year-over-year. This growth was driven by strong performance in its external chemistry and data analytics segments. Notably, the company’s net income skyrocketed by 24,493% compared to the previous year. Flotek also announced the launch of several new products, including the PowerTech fuel management platform, which is expected to bolster future earnings. Additionally, Flotek shareholders approved key proposals at their annual meeting, including the election of six directors and amendments to incentive and stock purchase plans. The company’s inclusion in the Russell 3000® Index, effective June 30, 2025, marks another milestone, enhancing its visibility in the investment community. Flotek has also secured a $160 million multi-year contract that is expected to drive substantial earnings growth. The company anticipates 80% growth in adjusted EBITDA for 2025, as highlighted by its recent acquisitions and strategic initiatives.
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