{"url_path":"/sec/spnd/10-q/2026/item-1a","section_key":"item-1a","section_title":"Item 1A Risk Factors**","topic":"sec","document":{"doc_type":"10-Q","doc_date":"2026-05-20","source_url":"https://www.sec.gov/Archives/edgar/data/867038/0001017386-26-000075-index.html","accession_number":"0001017386-26-000075","cik":"0000867038","ticker":"SPND","issuer_name":"SPINDLETOP OIL & GAS CO","edgar_url":"https://www.sec.gov/Archives/edgar/data/867038/0001017386-26-000075-index.html","primary_entity_key":"0000867038","primary_entity_name":"SPINDLETOP OIL & GAS CO"},"word_count":375,"has_tables":true,"body_markdown":"**Item 1A. - Risk Factors**\n\n** **\n\nThe Company's common stock is currently quoted and traded on the OTC Markets\nPink market under the symbol \"SPND\".\n\n \n\n \n\nEffective July 1, 2025, the Company’s stock was downgraded to the\nOTC Markets Pink Limited market. Now when someone goes to the OTC Markets website to get a quotation on the Company’s stock, the\nfollowing is under the Company’s name and trading symbol with the term **“Warning!” in bold and red print**\n\n****:\n\n**Spindletop Oil & Gas Co. (SPND)**\n\n******Warning!  Limited Information\n\nThe Pink Limited Market is for broker-dealers to publicly quote securities with limited to no issuer involvement. Pink Limited companies\ndo not certify their compliance with established reporting standards, have limited availability of disclosure or financial information\nand may not support their U.S. market. These securities are identified with a yield sign to warn investors to proceed with caution.**\n\n** **\n\nThe downgrade of the Company’s stock to the OTC Markets Pink Limited\nmarket with the above Warning section and the cautionary Yield symbol will likely impact an investor’s ability to trade the Company’s\nstock. The liquidity of our common stock will likely be affected, and purchasers of our common stock could have difficulty selling our\ncommon stock since our common stock has been transferred to the OTC Markets Pink Limited market.\n\n \n\nThere is presently only a limited public market for our common stock, and\nthere is no assurance that a ready public market for our securities will ever develop. It is likely that any market for our common stock\nwill be highly volatile and that the trading volume in such market will be limited and controlled by broker-dealers setting what could\nbe an arbitrary price for the Company’s stock.\n\n \n\nThe trading price of our common stock also could be subject to fluctuations\nin response to quarter-to-quarter variations in our operating results, announcements of our drilling results, fluctuations in oil and\nnatural gas prices, and other events or factors. In addition, the United States stock market has from time-to-time experienced extreme\nprice and volume fluctuations that have affected the market price for many companies, and which often have been unrelated to the operating\nperformance of these companies. These broad market fluctuations may adversely affect the market price of our securities.\n\n**  **\n\n** **\n\n** **\n\n** **\n\n** **\n\n** **\n\n** **\n\n17"}