DTI and SDPI Announce Deadline for Election of Form of Merger Consideration

Company Overview - Superior Drilling Products, Inc. (SDPI) is an innovative drilling tool technology company that provides cost-saving solutions to enhance production efficiencies in the oil and natural gas drilling industry. The company designs, manufactures, repairs, and sells drilling tools, including patented technologies like Drill-N-Ream® and Strider™ oscillation system [3][11] - Drilling Tools International Corporation (DTI) is a leading oilfield services company based in Houston, Texas, specializing in the manufacture and rental of downhole drilling tools for horizontal and directional drilling. DTI operates 16 service centers in North America and 7 international centers, maintaining a fleet of over 65,000 tools [20] Merger Details - DTI is in the process of acquiring SDPI, with the deadline for SDPI shareholders to elect their preferred form of merger consideration set for July 29, 2024. The merger is expected to close on August 1, 2024, pending shareholder approval [18][19] - Shareholders of SDPI can choose between receiving either 0.313 shares of DTI common stock or $1.00 in cash for each share of SDPI common stock they own. The total number of shares issued will be subject to proration based on shareholder elections [9][19] Election Process - SDPI shareholders who have not made an election or wish to change their previous election must submit completed election forms to the Exchange Agent, Broadridge Financial Solutions, Inc., by the Election Deadline [1][8] - Shareholders holding shares through banks or brokers may face earlier deadlines and should follow specific instructions from their financial institutions [1] Regulatory Filings - DTI has filed a registration statement on Form S4 with the SEC, which includes a prospectus and proxy statement related to the merger. Shareholders are encouraged to read these documents carefully as they contain important information regarding the transaction [11][12]