DTI to acquire Superior Drilling Products for ~$32.2M in cash and stock; expected close Q3 2024

Drilling Tools International Corp

Per SDPI share, holders elect $1.00 cash, 0.313 DTI shares, or a mix; total consideration ~$32.2M.
Transaction unanimously approved by DTI and SDP boards plus SDP special committee; closing expected in Q3 2024.
DTI expects manufacturing/distribution savings and expanded Middle East rental revenue for Drill-N-Ream tool.
SDP cancels its previously scheduled Q4 2023 earnings call due to the pending acquisition.
Supporting shareholders (~40% of SDPI shares) agreed to vote in favor via voting and support agreement.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Drilling Tools International Corp entered into Agreement and Plan of Merger with Superior Drilling Products, Inc. (effective 2024-03-06).

Action: entry
Agreement: merger
Counterparty: Superior Drilling Products, Inc.
Effective: 2024-03-06

Exact text from the filing

On March 6, 2024, Drilling Tools International Corporation, a Delaware corporation (the “ Company ”), Superior Drilling Products, Inc., a Utah corporation (“ SDPI ”), DTI Merger Sub I, Inc., a Delaware corporation (“ Merger Sub I ”), and DTI Merger Sub II, LLC, a Delaware limited liability company (“ Merger Sub II ”), entered into an Agreement and Plan of Merger (the “ Merger Agreement ”)

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Drilling Tools International Corp filing history →

Source: SEC EDGAR

accession 0001193125-24-061506

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