Flotek Industries to swap stock for $4.5 million of 5.25% convertibles

By Angela McDaniels

Tacoma, Wash., May 12 - Flotek Industries, Inc. agreed to issue 559,007 shares of common stock in exchange for $4.5 million principal amount of its 5.25% convertible senior notes due 2028, according to a company news release.

The exchange agreements were entered into with two affiliated holders of the convertibles.

The exchange is expected to be completed by May 18.

Houston-based Flotek makes oilfield technologies such as specialty chemicals and down-hole drilling and production equipment.

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