Koil Energy Solutions Ticker Symbol Has Changed to KLNG
Rhea-AI Summary
Koil Energy Solutions, previously Deep Down Inc., has received approval for a new name and ticker symbol, changing from DPDW to KLNG, effective November 28, 2022. This rebranding signifies a strategic shift and commitment to Energizing the Future as the company focuses on energy transition opportunities. No action is required from shareholders for this transition. The company has made exciting hires and secured business wins, which they plan to build upon moving into 2023.
AI-generated analysis. Not financial advice.
Positive
- Successful rebranding from Deep Down Inc. to Koil Energy Solutions.
- Change of ticker symbol to KLNG reflects new strategic direction.
- Ongoing momentum with new hires and business wins leading into 2023.
Negative
- None.
News Market Reaction – KLNG
On the day this news was published, KLNG gained 2.46%, reflecting a moderate positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
HOUSTON, Nov. 30, 2022 (GLOBE NEWSWIRE) -- Koil Energy Solutions, Inc. (OTCQB: KLNG) (“Koil” or the “Company”), formerly known as Deep Down, Inc., an international specialist in subsea energy equipment and services, today announced that the Financial Industry Regulatory Authority has approved its application to change the company’s name and ticker symbol, reflecting their new name and commitment to Energizing the Future.
“Our new ticker essentially marks the completion of our transition from Deep Down to Koil Energy Solutions,” said Charles Njuguna, President and CEO of Koil. “We are excited to carry the momentum we established this year with our expanded focus on energy transition opportunities into 2023.”
As of November 28, 2022, the ticker symbol for Koil has changed from “DPDW” to “KLNG” and can be searched as such.
It is important to note that the company’s shareholder recordkeeper and transfer agent, Standard Registrar and Transfer Company, completed the transition with no further action needed by all stakeholders, investors and friends of Koil.
The Company announced its rebranding from Deep Down Inc. in March 2022 and since then has introduced a steady cadence of exciting hires and business wins leading into the new year. To learn more about Koil, its team, and to stay up to date on all company happenings, visit https://www.koilenergy.com.
About Koil Energy Solutions, Inc.
Koil Energy Solutions is a leading energy services company offering subsea equipment and support services to the world’s energy and offshore industries. The Houston-based company founded in 1997 and formerly known as Deep Down, Inc. is comprised of world-class experts in engineering and manufacturing who provide innovative solutions to complex customer challenges with a fearless commitment to Energizing the Future. Koil Energy’s highly experienced team can support subsea engineering, manufacturing, installation, commissioning, and maintenance projects located anywhere in the world. Visit www.koilenergy.com to learn more.
Forward-Looking Statements Any forward-looking statements in the preceding paragraphs of this release are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that such forward-looking statements involve risks and uncertainties in that actual results may differ materially from those projected in the forward-looking statements. In the course of operations, we are subject to certain risk factors, competition and competitive pressures, sensitivity to general economic and industrial conditions, international political and economic risks, availability and price of raw materials and execution of business strategy. For further information, please refer to the Company's filings with the Securities and Exchange Commission, copies of which are available from the Company without charge.
Investor Relations Contact:
Trevor Ashurst
VP of Finance
ir@koilenergy.com
Media Contact:
Hunter Dodson
Pierpont Communications
512-914-6745
hdodson@piercom.com
