Business
Superior Drilling Products Shareholders Approve Acquisition by Drilling Tools International
VERNAL, Utah--(BUSINESS WIRE)-- Superior Drilling Products, Inc. (NYSE American: SDPI) (“SDP” or the “Company”), a designer and manufacturer of drilling tool
About this update from Drilling Tools International Corporation
[{"type":"text","content":" VERNAL, Utah--(BUSINESS WIRE)--\nSuperior Drilling Products, Inc. (NYSE American: SDPI) (“SDP” or the “Company”), a designer and manufacturer of drilling tool technologies, today announced that its shareholders voted to approve the acquisition of SDP by Drilling Tools International Corporation (“DTI”) (Nasdaq: DTI) at the special meeting of shareholders held yesterday.\n\n\nTroy Meier, SDP’s Chairman and CEO, stated, “We are pleased to have reached this important milestone and appreciate the support of our shareholders. Their confidence reflects a shared recognition of the tremendous opportunities ahead as a combined company. We are committed to ensuring a seamless transition and are excited to embark on this new chapter.”\n\n\nMore than 99% of the shares voted at the special meeting (representing approximately 77% of the total shares of SDPI outstanding as of the record date) were voted in favor of the merger agreement. SDP will file the final vote results, as certified by the independent Inspector of Election, on a Form 8-K with the U.S. Securities and Exchange Commission.\n\n\nThe closing of the transaction is expected to occur on August 1, 2024. Upon completion of the transaction, SDP’s common stock will no longer be listed on any public market.\n\n\nAbout Superior Drilling Products, Inc.\nSuperior Drilling Products, Inc. is an innovative, cutting-edge drilling tool technology company providing cost saving solutions that drive production efficiencies for the oil and natural gas drilling industry. The Company designs, manufactures, repairs, and sells drilling tools. SDP drilling solutions include the patented Drill-N-Ream® well bore conditioning tool and the patented Strider™ oscillation system technology. In addition, SDP is a manufacturer and refurbisher of PDC (polycrystalline diamond compact) drill bits for leading oil field service companies. SDP operates a state-of-the-art drill tool fabrication facility, where it manufactures its solutions for the drilling industry, as well as customers’ custom products. Additional information about the Company can be found at sdpi.com.\n\n\nSafe Harbor Regarding Forward-Looking Statements\nThis news release contains forward-looking statements and information that are subject to a number of risks and uncertainties, many of which are beyond our control. All statements, other than state...