NESR Announces Expiration & Results of Exchange Offer and Consent Solicitation Relating to its Warrants
National Energy Services Reunited Corp. (NASDAQ:NESR) announced the completion of its previously announced warrant exchange offer and consent solicitation. The company reported that 34,135,493 warrants, representing approximately 96.05% of outstanding warrants, were validly tendered before the June 30, 2025 deadline.
The consent solicitation successfully received approval from 96.05% of outstanding warrant holders for the warrant amendment, exceeding the required 50% threshold. Under the amendment terms, NESR can require remaining warrants to be converted into 0.09 Ordinary Shares, a ratio 10% lower than the exchange offer rate.
NESR plans to execute the warrant amendment concurrent with the offer settlement, expected by July 3, 2025. The company intends to exercise its right to exchange all remaining untendered warrants for ordinary shares, after which no warrants will remain outstanding. The SEC declared NESR's Registration Statement on Form F-4 effective on June 24, 2025.
National Energy Services Reunited Corp. (NASDAQ:NESR) ha annunciato il completamento della sua precedente offerta di scambio di warrant e della relativa richiesta di consenso. La società ha comunicato che 34.135.493 warrant, pari a circa il 96,05% dei warrant in circolazione, sono stati validamente presentati entro la scadenza del 30 giugno 2025.
La richiesta di consenso ha ottenuto l'approvazione dal 96,05% dei detentori di warrant in circolazione per la modifica dei warrant, superando la soglia richiesta del 50%. Secondo i termini della modifica, NESR può richiedere che i warrant rimanenti vengano convertiti in 0,09 azioni ordinarie, un rapporto inferiore del 10% rispetto al tasso previsto dall'offerta di scambio.
NESR prevede di eseguire la modifica dei warrant contestualmente alla liquidazione dell'offerta, prevista entro il 3 luglio 2025. La società intende esercitare il diritto di scambiare tutti i warrant non presentati rimanenti con azioni ordinarie, dopodiché non rimarranno warrant in circolazione. La SEC ha dichiarato efficace la Dichiarazione di Registrazione di NESR sul Modulo F-4 il 24 giugno 2025.
National Energy Services Reunited Corp. (NASDAQ:NESR) anunció la finalización de su oferta de intercambio de warrants y solicitud de consentimiento previamente anunciadas. La compañía informó que 34,135,493 warrants, que representan aproximadamente el 96.05% de los warrants en circulación, fueron válidamente entregados antes de la fecha límite del 30 de junio de 2025.
La solicitud de consentimiento recibió la aprobación del 96.05% de los tenedores de warrants en circulación para la enmienda de los warrants, superando el umbral requerido del 50%. Según los términos de la enmienda, NESR puede exigir que los warrants restantes se conviertan en 0.09 acciones ordinarias, una proporción un 10% inferior a la tasa de la oferta de intercambio.
NESR planea ejecutar la enmienda de los warrants simultáneamente con la liquidación de la oferta, prevista para el 3 de julio de 2025. La compañía tiene la intención de ejercer su derecho a intercambiar todos los warrants restantes no entregados por acciones ordinarias, tras lo cual no quedarán warrants en circulación. La SEC declaró efectiva la Declaración de Registro de NESR en el Formulario F-4 el 24 de junio de 2025.
National Energy Services Reunited Corp. (NASDAQ:NESR)는 이전에 발표한 워런트 교환 제안 및 동의 요청을 완료했다고 발표했습니다. 회사는 34,135,493개의 워런트가 2025년 6월 30일 마감일 이전에 유효하게 제출되었으며, 이는 발행된 워런트의 약 96.05%에 해당한다고 보고했습니다.
동의 요청은 발행된 워런트 보유자의 96.05%로부터 워런트 수정에 대한 승인을 성공적으로 받았으며, 이는 요구된 50% 기준을 초과한 수치입니다. 수정 조건에 따라 NESR은 남은 워런트를 0.09 보통주로 전환하도록 요구할 수 있는데, 이는 교환 제안 비율보다 10% 낮은 비율입니다.
NESR은 2025년 7월 3일까지 제안 결제가 완료되는 시점에 워런트 수정을 실행할 계획입니다. 회사는 남아있는 미제출 워런트를 모두 보통주로 교환할 권리를 행사할 예정이며, 이후에는 남아있는 워런트가 없게 됩니다. SEC는 2025년 6월 24일 NESR의 F-4 양식 등록 명세서를 효력 발생으로 선언했습니다.
National Energy Services Reunited Corp. (NASDAQ:NESR) a annoncé l’achèvement de son offre d’échange de bons de souscription et de sa sollicitation de consentement précédemment annoncées. La société a indiqué que 34 135 493 bons, représentant environ 96,05% des bons en circulation, ont été valablement remis avant la date limite du 30 juin 2025.
La sollicitation de consentement a obtenu l’approbation de 96,05% des détenteurs de bons en circulation pour l’amendement des bons, dépassant le seuil requis de 50%. Selon les termes de l’amendement, NESR peut exiger que les bons restants soient convertis en 0,09 actions ordinaires, un ratio inférieur de 10% à celui de l’offre d’échange.
NESR prévoit d’exécuter l’amendement des bons simultanément au règlement de l’offre, attendu pour le 3 juillet 2025. La société a l’intention d’exercer son droit d’échanger tous les bons non remis restants contre des actions ordinaires, après quoi aucun bon ne restera en circulation. La SEC a déclaré effective la déclaration d’enregistrement de NESR sur le formulaire F-4 le 24 juin 2025.
National Energy Services Reunited Corp. (NASDAQ:NESR) gab die Durchführung ihres zuvor angekündigten Angebots zum Umtausch von Warrants und der Einholung von Zustimmungen bekannt. Das Unternehmen berichtete, dass 34.135.493 Warrants, was etwa 96,05% der ausstehenden Warrants entspricht, vor Ablauf der Frist am 30. Juni 2025 gültig eingereicht wurden.
Die Zustimmungseinholung erhielt die Zustimmung von 96,05% der ausstehenden Warranthalter für die Änderung der Warrants und übertraf damit die erforderliche Schwelle von 50%. Gemäß den Bedingungen der Änderung kann NESR die verbleibenden Warrants in 0,09 Stammaktien umwandeln lassen, ein Verhältnis, das 10% unter dem Umtauschangebot liegt.
NESR plant, die Änderung der Warrants gleichzeitig mit der Abwicklung des Angebots durchzuführen, die bis zum 3. Juli 2025 erwartet wird. Das Unternehmen beabsichtigt, sein Recht auszuüben, alle verbleibenden nicht eingereichten Warrants gegen Stammaktien umzutauschen, wonach keine Warrants mehr ausstehen werden. Die SEC erklärte die Registrierungserklärung von NESR auf Formular F-4 am 24. Juni 2025 für wirksam.
- High participation rate with 96.05% of warrants tendered
- Successful consent solicitation approval exceeding required threshold
- Streamlined capital structure by eliminating all outstanding warrants
- SEC effectiveness received for Registration Statement on Form F-4
- Remaining warrant holders will receive 10% less favorable conversion terms
- Forced conversion of untendered warrants may impact non-participating holders
Insights
NESR successfully eliminates all warrants with 96% participation, simplifying capital structure and removing dilution uncertainty.
NESR has achieved remarkable success in its warrant exchange offer, securing 96.05% participation representing 34,135,493 warrants. This high participation rate has dual significance: it demonstrates strong warrant holder satisfaction with the exchange terms and provides sufficient consent to implement the warrant amendment, which required just 50% approval.
The mechanics of this transaction are particularly favorable for NESR. After settling the voluntarily tendered warrants by July 3, the company will execute the approved amendment allowing it to forcibly convert all remaining warrants at 0.09 ordinary shares per warrant - a 10% discount to the voluntary exchange ratio. This structured approach incentivized early participation while ensuring complete warrant elimination.
The strategic importance of this transaction shouldn't be underestimated. By converting all warrants to ordinary shares, NESR eliminates the dilution uncertainty that typically overhangs companies with outstanding warrants. This provides absolute clarity on the company's fully-diluted share count - a benefit that generally enhances market perception and potentially supports valuation metrics.
From a capital structure perspective, this represents significant streamlining. Warrant-free companies typically enjoy cleaner balance sheets and financial statements, reducing complexity for investors and analysts. Management can now focus entirely on operational execution in the competitive MENA energy services market without the distraction of warrant-related considerations.
The regulatory execution appears flawless, with the SEC having declared the Form F-4 registration statement effective on June 24, ensuring full compliance for the new shares being issued in the exchange.
HOUSTON, TX / ACCESS Newswire / July 1, 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, announced today the expiration and results of its previously announced exchange offer (the "Offer") and consent solicitation (the "Consent Solicitation") relating to its outstanding warrants (the "Warrants") to purchase ordinary shares of the Company, no par value (the "Ordinary Shares"). The Offer and Consent Solicitation expired at 11:59 P.M., Eastern Time, on June 30, 2025.
NESR has been advised that 34,135,493 Warrants, or approximately
In addition, pursuant to the Consent Solicitation, the Company received the approval of approximately
NESR expects to execute the Warrant Amendment concurrently with the settlement of the Offer, and thereafter, expects to exercise its right in accordance with the terms of the Warrant Amendment, to exchange all remaining untendered Warrants for shares of the Company's Ordinary Shares, following which, no Warrants will remain outstanding.
The Company also announced that its Registration Statement on Form F-4 filed with the Securities and Exchange Commission (the "SEC") registering the Company's Ordinary Shares issuable in the Offer was declared effective by the SEC on June 24, 2025.
BTIG, LLC was the dealer manager for the Offer and Consent Solicitation.
Cautionary Statement Regarding Forward-Looking Statements
Statements contained in this press release that are not historical fact may be forward-looking within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, each as amended. Such forward-looking statements may relate to, among other things, the Company's expectations regarding the exchange offer and consent solicitation. Such forward-looking statements do not constitute guarantees of future performance and are subject to a variety of risks and uncertainties, including that NESR will be able to complete the exchange offer and consent solicitation. Additional factors that could cause actual results to differ materially from those projected or suggested in any forward-looking statements are contained in our filings with the SEC, including those factors discussed under the caption "Risk Factors" in such filings.
You are cautioned not to place undue reliance on forward-looking statements because of the risks and uncertainties related to them and to the risk factors. The Company disclaims any obligation to update any forward-looking statements to reflect any new information or future events or circumstances or otherwise, except as required by law. You should read this communication in conjunction with other documents which the Company may file or furnish from time to time with the SEC.
About National Energy Services Reunited Corp.
Founded in 2017, NESR is one of the largest national oilfield services providers in the MENA and Asia Pacific regions. With over 6,000 employees, representing more than 60 nationalities in 16 countries, the Company helps its customers unlock the full potential of their reservoirs by providing Production Services such as Hydraulic Fracturing, Cementing, Coiled Tubing, Filtration, Completions, Stimulation, Pumping and Nitrogen Services. The Company also helps its customers to access their reservoirs in a smarter and faster manner by providing Drilling and Evaluation Services such as Drilling Downhole Tools, Directional Drilling, Fishing Tools, Testing Services, Wireline, Slickline, Drilling Fluids and Rig Services.
Disclaimer
This communication is for informational purposes only and is neither an offer to purchase, nor a solicitation of an offer to sell, subscribe for or buy, any securities, nor shall there be any sale, issuance or transfer or securities in any jurisdiction in contravention of applicable law. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act.
For inquiries regarding NESR, please contact:
Blake Gendron
National Energy Services Reunited Corp.
832-925-3777
investors@nesr.com
SOURCE: National Energy Services Reunited Corp
View the original press release on ACCESS Newswire
FAQ
What percentage of NESR warrants were tendered in the exchange offer?
When will NESR settle the warrant exchange offer?
What is the conversion ratio for remaining NESR warrants under the amendment?
When did the SEC declare NESR's Registration Statement effective?
Who served as the dealer manager for NESR's warrant exchange offer?
