Drilling Tools International Corporation - DTI STOCK NEWS

Drilling Tools International Corp. (NASDAQ: DTI), a global oilfield services company, announced its participation in the 2024 EnerCom Denver Energy Conference from August 19-21, 2024. DTI will present on August 20th at 10:30 a.m. EDT, with a live webcast available. The company will also host one-on-one meetings with investors during the conference.

DTI's investor presentation will be accessible on their website, and a replay of the webcast will be archived post-event. Based in Houston, Texas, DTI specializes in manufacturing and renting downhole drilling tools for horizontal and directional drilling of oil and natural gas wells. The company operates from 16 service centers across North America and 10 international centers in the EMEA and APAC regions.

Drilling Tools International Corp. (NASDAQ: DTI) has closed its acquisition of Superior Drilling Products, Inc. (SDP) for approximately $32.2 million in cash and stock. The acquisition is expected to yield over $4.5 million in SG&A synergies and tax benefits, along with significant CapEx savings and margin improvements. DTI also reported its Q2 2024 results, with total revenue of $37.5 million, operating income of $2.2 million, and Adjusted EBITDA of $9.0 million. Despite a softening U.S. rig count, DTI implemented cost reductions and improved Adjusted Free Cash Flow. The company updated its 2024 guidance, projecting revenue between $155-$170 million and maintaining its Adjusted Free Cash Flow outlook of $20-$25 million.

Superior Drilling Products (NYSE American: SDPI) announced preliminary results for the election of merger consideration in its pending acquisition by Drilling Tools International (NASDAQ: DTI). Key points:

• SDPI shareholders approved the merger on July 29, 2024
• Shareholders could elect to receive $1.00 in cash or 0.313 DTI shares per SDPI share
• 80.5% of shares elected stock consideration, 5.3% elected cash, and 14.2% made no election
• The maximum share amount was exceeded, so stock electors will receive partial cash consideration
• Final results and allocation will be calculated before closing

The merger aims to combine SDPI's innovative drilling tool technology with DTI's oilfield services expertise.

Superior Drilling Products (NYSE American: SDPI) shareholders have approved the acquisition by Drilling Tools International (Nasdaq: DTI) at a special meeting. Over 99% of voted shares (representing 77% of total outstanding shares) were in favor of the merger agreement. The transaction is expected to close on August 1, 2024, after which SDPI's common stock will be delisted from public markets.

Troy Meier, SDP's Chairman and CEO, expressed satisfaction with this milestone and shareholder support, highlighting the opportunities ahead for the combined company. SDP, an innovative drilling tool technology company, designs, manufactures, and sells cost-saving solutions for the oil and natural gas drilling industry, including the patented Drill-N-Ream® well bore conditioning tool and Strider™ oscillation system technology.

Drilling Tools International Corp. (NASDAQ: DTI), a global oilfield services company, has announced its 2024 second quarter earnings release and conference call schedule. The company will report its financial results before a live conference call on Tuesday, August 6, 2024, at 9:00 a.m. Eastern Time. Investors can access the call via phone or webcast. For those unable to attend, a replay will be available until August 13, 2024. DTI specializes in designing, engineering, manufacturing, and renting tools for horizontal and directional drilling operations in both onshore and offshore environments. The company operates from 16 service centers across North America and 7 international centers in Europe and the Middle East.

DTI and SDPI have announced the deadline for SDPI shareholders to elect their preferred form of merger consideration in the pending acquisition. The Election Deadline is set for 5:00 p.m., New York time, on July 29, 2024. If approved, the Merger is expected to close on August 1, 2024. SDPI shareholders can choose between 0.313 shares of DTI common stock or $1.00 in cash per SDPI share. The election is subject to proration to ensure DTI issues between 4,112,752 and 4,845,240 shares. Shareholders should carefully review the Proxy Statement and Election Form before making their decision.

Drilling Tools International Corp. (NASDAQ: DTI) announced its expected addition to the Russell 2000®, Russell 2500®, Russell 3000®, Russell Small Cap Completeness® Index, and Russell Microcap® Index during the 2024 Annual Reconstitution. This inclusion will be effective from July 1, 2024, expanding DTI’s exposure among investment managers and institutional investors. Wayne Prejean, CEO of DTI, highlighted this as a significant milestone for the company, providing increased visibility. This reconstitution ensures the Russell US index family accurately reflects the current US equity market.

Drilling Tools International Corp. (NASDAQ: DTI), a global oilfield services company, announced it will webcast its presentation at the Sidoti & Company June 2024 Small-Cap Virtual Conference on June 12th at 10:00 a.m. EDT. The event will feature DTI management hosting virtual one-on-one meetings with investors. A replay and the investor presentation will be available on DTI's website. DTI specializes in manufacturing and renting downhole drilling tools for horizontal and directional drilling operations. Established in 1984, it operates 16 North American and 7 international service centers.

Superior Drilling Products (SDPI) reported Q1 2024 financial results. The company's total revenue was $4.95 million, down 21.3% year-over-year but up 15.8% sequentially. North America contributed 86% of this revenue, while international sales grew 10.1% sequentially. The decline in tool sales was attributed to a reduced U.S. rig count. Operating income was $159,000, down 88.4% year-over-year. Net loss stood at $1.82 million, largely impacted by $1.7 million in acquisition-related expenses. Adjusted EBITDA increased 91% sequentially to $839,000. A merger agreement with Drilling Tools International, valued at $32.2 million, is expected to close in Q3 2024.