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Ringing out the day on Wall Street: Grand Forks businessman part of closing bell event at stock exchange

NYSE Euronext Photo by Dario Cantatore Phil Gisi, second from left, president and CEO of Edgewood Group based in Grand Forks, was part of a group that helped ring the closing bell at the New York Stock Exchange on Wednesday in New York City.

GRAND FORKS — A Grand Forks businessman helped bring the stock trading day in New York to a ceremonial close Wednesday.

Phil Gisi, president and CEO of Edgewood Group based in Grand Forks, was at the New York Stock Exchange on Wednesday to help ring the closing bell. Gisi was there as a board member of the Tulsa, Okla.-based Cypress Energy Partners, which went public in January and was trading at $22.04 a share at the end of Wednesday.

“Ringing the closing bell is kind of a tradition for companies that go public,” Gisi said Tuesday. The opening bell Wednesday morning captured a little more national attention, as the creators of the addicting mobile game “Candy Crush” went public.

An NYSE spokesman said the bell-ringing can commemorate a number of occasions, including a new product launch, an initial public offering or an anniversary. The event can provide some public exposure to the company, as a number of national media outlets observe the stock exchange.

While the bell-ringing is largely ceremonial, and although Gisi didn’t physically ring the bell, he said the trip to New York will provide an opportunity for Cypress leadership to learn more about how the exchange works and the rules and regulations that come with being a publicly traded company. Cypress provides wastewater disposal and other water environmental services to oil and natural gas producers, and performs pipeline inspections.

“There’s a lot of things that, as a corporate company, when you sit on a board, that you have to be careful about,” he said.

Gisi became a member of the Cypress board of directors after that company bought saltwater disposal wells in western North Dakota from SBG Energy Services, which is a part of the Edgewood Group.

SBG was co-founded by Gisi in 2011 and works in the oil and gas industry with offices in Grand Forks and Dickinson. It owns a fleet of 160 semis and trailers and operates rail yards in Bismarck and Richardton.

John Hageman

John Hageman covers local business and North Dakota politics. He attended the University of Minnesota in the Twin Cities, where he studied journalism and political science, and he previously worked at the Bemidji Pioneer.  

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