Welcome to our dedicated page for Superior Drillin news (Ticker: SDPI), a resource for investors and traders seeking the latest updates and insights on Superior Drillin stock.
Superior Drilling Products, Inc. (SDPI) delivers innovative drilling solutions for energy and mining sectors through advanced PDC bit technology and patented tool systems. This dedicated news hub provides investors and industry professionals with essential updates on operational milestones, financial performance, and technological advancements.
Access real-time updates including earnings announcements, product innovations, and strategic partnerships. Our curated collection features official press releases alongside verified industry analysis, offering a complete picture of SDPI's market position in oilfield services and drilling tool manufacturing.
Key coverage areas include quarterly financial results, patent developments, manufacturing expansions, and executive leadership updates. Bookmark this page for immediate access to SDPI's latest operational achievements and regulatory filings, all organized chronologically for efficient research.
For stakeholders tracking drilling technology trends or evaluating energy sector investments, this resource combines technical precision with financial transparency. Return regularly to stay informed about SDPI's contributions to efficient well construction and sustainable drilling practices.
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.
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.
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.
Drilling Tools International Corp. (NASDAQ: DTI) reported $37 million in total consolidated revenue for Q1 2024. Tool Rental net revenue was $30 million, Product Sales net revenue was $7 million. Operating income was $5.1 million with Adjusted Net Income of $3.8 million. Adjusted EBITDA was $10.9 million, and Adjusted Free Cash Flow was $4.7 million. The company's CEO reaffirmed the 2024 outlook and highlighted recent acquisitions and financial standing.
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