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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.
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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.
ROC Energy Acquisition Corp. (NASDAQ: ROCAU) announced that starting December 29, 2021, shareholders can trade shares of common stock and rights separately from units sold in its initial public offering. The common stock will trade under the symbol 'ROC' and rights under 'ROCAR,' while units will continue trading as 'ROCAU.' The company, which is focused on pursuing business combinations in the U.S. oil and gas sector, clarified that this press release does not constitute an offer to buy or sell securities in jurisdictions where such transactions would be unlawful.
ROC Energy Acquisition Corp. announced the closing of an additional issuance of 2,700,000 units from its IPO, raising $27 million. This increases total gross proceeds to $207 million. The units, beginning trading on Nasdaq under ticker ROCAU, contain one share of common stock and a right to one-tenth share upon business combination. The proceeds will be placed in a trust account, totaling $209.07 million, and an audited balance sheet will be filed with the SEC. The company aims for acquisition in the upstream oil and gas sector.
ROC Energy Acquisition Corp. announced the successful closing of its upsized initial public offering (IPO) of 18 million units, raising $180 million. The units, which began trading on Nasdaq under the ticker symbol ‘ROCAU’ on December 2, 2021, consist of one common stock share and a right to receive one-tenth of a share upon business combination. $181.8 million was deposited in the trust account. The offering, managed by EarlyBirdCapital, Inc., allows underwriters a 45-day option to purchase an additional 2.7 million units. The company is focused on acquiring businesses in the U.S. oil and gas sector.
ROC Energy Acquisition Corp. has announced the pricing of its upsized initial public offering (IPO) of 18,000,000 units at $10.00 each. Trading on the Nasdaq under the symbol 'ROCAU' begins on December 2, 2021, with units comprising one share of common stock and a right to receive one-tenth of a share upon a future business combination. The IPO is expected to close on December 6, 2021, subject to customary conditions. The firm seeks to focus on the non-operated, upstream oil and gas sector in the U.S.