ROC Energy Acquisition Shareholders Approve Drilling Tools Int’l Deal

ROC Acquisition in an 8-K said shareholders voted in favor of combining with Drilling Tools International Holdings. An extension of up to August for closing the deal was also approved. The sponsor will add 4 cents a share to the trust per month in consideration for the extra time.

The acquisition is an oilfield services company that manufactures and provides rental tools for use in horizontal and directional drilling.

The regulatory filing did not mention redemptions, if any.

As announced in February the deal has an enterprise value of approximately $319 million.

The transaction was expected to provide net cash proceeds of up to approximately $217 million, including approximately $209 million from ROC's trust account, before any redemptions, and $45 million of cash from a common stock , which is expected to include participation by Fifth Partners, an affiliate of ROC's sponsor. Read more.

Source: ROC Energy Acquisition Shareholders Approve Drilling Tools Int'l Deal