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National Energy Services Reunited Corp. Announces Commencement of Exchange Offer and Consent Solicitation Relating to Warrants
HOUSTON, TX / ACCESS Newswire / May 30, 2025 / National Energy Services Reunited Corp. ("NESR" or the "Company") (Nasdaq:NESR)(Nasdaq:NESRW),an international,
About this update from National Energy Services Reunited Corp
[{"type":"text","content":"HOUSTON, TX / ACCESS Newswire / May 30, 2025 / National Energy Services Reunited Corp. (\"NESR\" or the \"Company\") (Nasdaq:NESR)(Nasdaq:NESRW),an international, industry-leading provider of integrated energy services in the Middle East and North Africa (\"MENA\") region, today announced that it has commenced an exchange offer (the \"Offer\") and consent solicitation (the \"Consent Solicitation\") relating to its outstanding warrants to purchase ordinary shares of the Company, no par value (the \"Ordinary Shares\"), which warrants trade on the Nasdaq Capital Market (the \"Nasdaq\") under the symbol \"NESRW\" (the \"Warrants\"). The purpose of the Offer and Consent Solicitation is to simplify the Company's capital structure and reduce the potential dilutive impact of the Warrants.The Company is offering to all holders of the Warrants the opportunity to receive 0.10 Ordinary Shares in exchange for each outstanding Warrant tendered by the holder and exchanged pursuant to the Offer. Pursuant to the Offer, the Company is offering up to an aggregate of 3,554,038 of its Ordinary Shares in exchange for the Warrants, subject to adjustment for fractional Warrants. As of May 30, 2025, a total of 35,540,380 Warrants were outstanding.Concurrently with the Offer, the Company is also soliciting consents from holders of the Warrants to amend the warrant agreement that governs all of the Warrants (the \"Warrant Agreement\") to permit the Company to require that each Warrant that is outstanding upon the closing of the Offer be converted into 0.09 Ordinary Shares, which is a ratio 10% less than the exchange ratio applicable to the Offer (the \"Warrant Amendment\"). Pursuant to the terms of the Warrant Agreement, all except certain specified modifications or amendments require the written consent or vote of the registered holders of a majority of the number of the then outstanding Warrants. Parties representing approximately 54.78% of the Warrants have agreed to tender their Warrants in the Offer and to consent to the Warrant Amendment in the Consent Solicitation, pursuant to a tender and support agreement. Accordingly, because the holders of more than 50% of our outstanding Warrants have agreed to consent to the Warrant Amendment in the Consent Solicitation, if the other conditions described within the Prospectus/Offer to Exchange (as defined bel...