Welcome to our dedicated page for ROC news (Ticker: ROC), a resource for investors and traders seeking the latest updates and insights on ROC stock.
Drilling Tools International Corp. (Nasdaq: DTI) is a leading provider of specialized downhole tools for horizontal drilling operations, serving global energy markets from its Houston headquarters. This news hub offers investors and industry professionals centralized access to official corporate updates and strategic developments.
Find timely information on DTI’s financial performance, merger & acquisition activity, and operational milestones. Our curated news collection features earnings announcements, leadership updates, and market expansion initiatives relevant to both institutional investors and energy sector analysts.
Key focus areas include DTI’s debt-free operational strategy post-merger, technological innovations in directional drilling tools, and strategic partnerships within the oilfield services sector. All content is verified through primary sources to ensure accuracy and compliance with financial disclosure standards.
Bookmark this page for convenient access to DTI’s latest press releases and SEC filings. Monitor the company’s progress as it leverages its Nasdaq listing and Hicks Equity Partners backing to expand its global footprint in energy infrastructure services.
Drilling Tools International Holdings, Inc. (DTI) and ROC Energy Acquisition Corp. (ROC) will host a Virtual Analyst & Investor Day on April 18, 2023, at 10:00 AM EDT. The event, lasting two hours, will feature presentations by executives from both companies detailing DTI's operations and its proposed business combination with ROC. Interested participants must register to attend. Following the presentations, a live Q&A session will be held. DTI aims to become publicly listed on the Nasdaq under the symbol DTI after the merger, which is set to close in Q2 2023, pending regulatory approvals.
ROC Energy Acquisition Corp. announced a $2,070,000 deposit into its trust account, allowing an extension of the deadline for its initial business combination from March 6, 2023 to June 6, 2023. This is the second of two three-month extensions allowed. The funds were loaned by an affiliate of ROC Energy Holdings LLC and are non-interest bearing, convertible into units similar to those from its recent private placement. The Company focuses on the traditional energy sector in the U.S. and is led by CEO Daniel Jeffrey Kimes and CFO Rosemarie Cicalese.
Drilling Tools International has announced its exclusive partnership with CT Energy Services as the US distributor for the RotoSteer™, an innovative drilling tool designed for enhanced efficiency in oil and gas drilling. This collaboration aims to successfully launch the RotoSteer™ across the US, Canada, and internationally. The RotoSteer™, rebranded from Hydroclutch, provides continuous rotation while controlling the bottom hole assembly. Drilling Tools’ CEO highlighted the tool's reliability and cost-effectiveness, stating it will offer solutions for extended reach wells. This partnership follows DTI's announcement of a business combination with ROC Energy Acquisition Corp., expected to close in Q2 2023.
On March 3, 2023, ROC Energy Acquisition Corp. announced an extension of its deadline to complete a business combination from March 6, 2023 to June 6, 2023. This extension is the second of two allowed three-month delays under the Company's governing documents. The Sponsor, ROC Energy Holdings LLC, will deposit $2,070,000 (equivalent to $0.10 per public share) into the Company's trust account by the March deadline. This move aims to provide ROC Energy additional time to execute its initial business combination, highlighting its ongoing efforts in the traditional energy sector.
ROC Energy Acquisition Corp. (NASDAQ: ROC) has filed a registration statement on Form S-4 with the SEC concerning its proposed business combination with Drilling Tools International (DTI), a firm specializing in renting downhole drilling tools. The definitive agreement for this deal was signed on February 13, 2023, with completion anticipated in Q2 2023, pending ROC shareholder approval and SEC clearance. The registration statement provides preliminary proxy details and relevant information about both companies.
Drilling Tools International Holdings has finalized a business combination agreement with ROC Energy Acquisition Corp., set to result in DTI listing on Nasdaq under the ticker 'DTI'. The transaction boasts an enterprise value of $319 million, reflecting 5.5x projected 2023 adjusted EBITDA of $58 million. DTI anticipates strong EBITDA margins exceeding 30% for 2022 and 2023, alongside projected revenues of approximately $130 million in 2022 and $164 million in 2023. The merger is expected to close in Q2 2023, supported by a zero-debt balance sheet and a significant cash position, with existing shareholders reinvesting over 95% of their equity into the new entity.
ROC Energy Acquisition Corp. (NASDAQ: ROC) announced an extension for its business combination deadline from December 6, 2022, to March 6, 2023, following a request from its sponsor, ROC Energy Holdings. To facilitate this Extension, the Sponsor will deposit $2,070,000 into the Company’s trust account by December 6, 2022, covering $0.10 per public share. This extension allows additional time to finalize an initial business combination, which is focused on the non-operated, upstream oil and gas sector in the U.S.
FAQ
What is the market cap of ROC (ROC)?
