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DTI and SDPI Announce Deadline for Election of Form of Merger Consideration
HOUSTON and VERNAL, Utah, July 25, 2024 /PRNewswire/ -- Drilling Tools International Corporation (NASDAQ: DTI) ("DTI") and Superior Drilling Products, Inc.
About this update from Drilling Tools International Corporation
[{"type":"text","content":"HOUSTON and VERNAL, Utah, July 25, 2024 /PRNewswire/ -- Drilling Tools International Corporation (NASDAQ: DTI) (\"DTI\") and Superior Drilling Products, Inc. (NYSE: SDPI) (\"SDPI\") jointly announced today, that in connection with DTI's anticipated and pending acquisition of SDPI (the \"Merger\"), the deadline for SDPI shareholders to elect the form of merger consideration they wish to receive in the Merger has been set for 5:00 p.m., New York time, on July 29, 2024 (the \"Election Deadline\"). If the SDPI shareholders approve the Merger at the upcoming special meeting expected to be held July 29, 2024, DTI and SDPI expect that the Merger will close on August 1, 2024 (the \"Closing Date\"). If the Closing Date is delayed to a subsequent date, the Election Deadline will be similarly delayed to a subsequent date. DTI and SDPI will promptly announce any such delay and, when determined, the rescheduled Election Deadline. All terms used herein and not otherwise defined have the meanings ascribed to them in the proxy statement/prospectus (the \"Proxy Statement\") filed with the Securities and Exchange Commission on July 2, 2024 and mailed to shareholders of SDPI on or about July 2, 2024.\n\nThe Election Form and Letter of Transmittal (the \"Election Form\") necessary for SDPI shareholders to make an election as to the form of consideration they wish to receive was mailed on July 2, 2024 to holders of record of SDPI common stock, par value $0.001 per share (the \"SDPI Common Stock\"), as of June 24, 2024.\nTo make an election, all SDPI shareholders who have not previously made their cash, stock, or mixed consideration elections, or who wish to revoke a prior election and make a new election, must submit their properly completed and signed election forms with respect to their shares, together with all required documents and materials set forth in the election form and the instructions thereto, to Broadridge Financial Solutions, Inc. (the \"Exchange Agent\"), the exchange agent for the Merger, by the Election Deadline. SDPI shareholders who hold their shares through a bank, broker, or other nominee may be subject to an earlier deadline and should read carefully the instructions from their bank, broker, or nominee regarding making elections for their shares. SDPI shareholders with questions should contact the Exchange Agent at (855) 793-5...