secwatch.observer — SEC 8-K summary
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Issuer:     NEXTIER OILFIELD SOLUTIONS INC. (—)
CIK:        0001688476
Form:       8-K
Filed at:   2023-09-01T23:59:59+00:00
Accession:  0001688476-23-000147
Event type: m_and_a
Sentiment:  neutral
Materiality: 0.75
Item codes: 1.02, 2.01, 3.01, 3.03, 5.03, 5.01, 5.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

NexTier completes merger with Patterson-UTI; stock converted at 0.7520 ratio
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- Eligible shares converted into 0.7520 shares of Patterson-UTI common stock per share.
- All outstanding ABL and Term Loan credit agreements terminated and repaid in full; liens released.
- Company became wholly owned subsidiary of Patterson-UTI effective Sept 1, 2023.
- NYSE listing withdrawn; shares ceased trading prior to market open on Sept 1, 2023.
- All directors and named executive officers resigned; transaction bonus of $275,000 to Kevin McDonald with extended non-compete.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1688476/000168847623000147/0001688476-23-000147-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1688476/000168847623000147/frac-20230901.htm
  HTML page:      https://secwatch.observer/filing/0001688476-23-000147

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer