Drilling Tools International (DTI) has provided an announcement.
Drilling Tools International Corporation has successfully completed its merger with Superior Drilling Products, Inc., resulting in a significant reshaping of share ownership. Shareholders had the option to receive cash or stock considerations, with the majority opting for stock. However, due to proration provisions, some shareholders received a combination of both. The transaction led to the issuance of approximately 4.8 million DTI shares and payment of around $14.9 million in cash. Concurrently, DTI options were adjusted accordingly, and SDPI was delisted from the NYSE American following the merger’s finalization. This strategic move is expected to bolster DTI’s market position and create added value for its stakeholders.
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