Business
Drilling Tools International, a Leading Oilfield Services Company, Completes Business Combination with ROC Energy Acquisition Corp. and Will Commence Trading on Nasdaq Under Ticker Symbol "DTI"
Drilling Tools International ("DTI"), with roots dating back to 1984, is a leading oilfield services company that manufactures and provides a differentiated,
About this update from Drilling Tools International Corporation
[{"type":"text","content":"Drilling Tools International (\"DTI\"), with roots dating back to 1984, is a leading oilfield services company that manufactures and provides a differentiated, rental-focused offering of tools for use in horizontal and directional drilling in the oil and gas industryThe PIPE transaction, which totaled $40.8 million, included meaningful participation by Fifth Partners, an affiliate of ROC's sponsor, as well as DTI's existing preferred shareholdersThe transaction generated $25.9 million of cash from a common stock PIPE and $1.7 million of cash from ROC's trust account, after giving effect to shareholder redemptionsExisting DTI shareholders elected to reinvest $10.8 million of the cash they were to receive from the merger into a common stock PIPE and affiliates of ROC's sponsor reinvested the $4.1 million owed to them under convertible promissory notes into the common stock PIPEAs a result, existing DTI shareholders rolled over 100% of their common shares and over 98% of their preferred shares into common stock of the combined companyAffiliates of Hicks Equity Partners and other existing DTI shareholders own approximately 73.0% of DTI immediately following the transactionDTI utilized a portion of the proceeds from the transaction to repay all amounts outstanding under DTI's revolving credit facilityThe transaction positions DTI, which has a proven acquisition history and strong pipeline of M&A targets, to further pursue accretive consolidation efforts within the small-cap oilfield services marketDTI is expected to benefit from a streamlined capital structure, with no warrant overhang, a strong, debt-free balance sheet, competitive scale with operations from 22 locations across North America, Europe and the Middle East, and a blue-chip customer baseDrilling Tools International Corp. common stock is expected to begin trading on Nasdaq at market open on June 21, 2023 under the ticker \"DTI\"HOUSTON, June 20, 2023 /PRNewswire/ -- Drilling Tools International Holdings, Inc., a leading oilfield services company that manufactures and provides a differentiated, rental-focused offering of tools for use in horizontal and directional drilling, announced today that it completed its business combination with ROC Energy Acquisition Corp. (\"ROC\"). The combined company will operate under the name Drilling Tools International Corp. (\"DTI\" or th...