FTK - Flotek explodes higher on unsolicited takeover offer

Flotek Industries (NYSE:FTK) +49.8% post-market after saying it received an unsolicited indication of interest for a potential buyout of all or part of the company, and has hired Piper Sandler as a financial advisor to help in the evaluation process. The company says it has not set a timetable for when it will conclude its evaluation of the offer. Earlier this month, Flotek received notice from the NYSE that its average closing price came in below $1/share over 30 consecutive trading days, which is below the exchange's continued listing requirement. Even if the after-hours run-up holds, shares would be indicated at ~$0.84; the stock has dropped more than 70% this year.

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Flotek explodes higher on unsolicited takeover offer