Six months after Unit Corporation emerged from Chapter 11 bankruptcy and obtaining new financing, the company won approval to be traded on the OTC Pink.
The Tulsa-based company said a broker deal was approved by the Financial Regulatory Authority to initiate a priced quotation of the firm’s common stock under the ticker symbol “UNTC.”
The firm opened trading on Friday and closed at $12.67 with a 0.16% gain on a two cent increase with a total volume of 4,827 shares.
Phil Smith, Chief Executive Officer of the Company, stated, “We are pleased that our stock is now trading on the OTC Pink with the support of a market maker, as we believe it has the potential to increase the liquidity of our common stock on the OTC Pink, providing our current and future shareholders a platform on which they can conveniently trade our common stock.”
Unit Corporation emerged from Chapter 11 bankruptcy protection in September 2020 after filing in the Southern District of Texas in May of that year. It cited $1 billion in debt at the time.
The reorganization also included the naming of a new seven-member board of directors… Robert Anderson, Alan Carr, Phil Frohlich, Steven Hildebrand, David Merrill, Philip Smith, and Andrei Verona.