ROC Energy Acquisition said following SEC approval of its registration statement, shareholders will meet June 1 to vote on the proposed merger with Drilling Tools International Holdings.
The target is an oilfield services company that manufactures and provides rental tools for use in horizontal and directional drilling.
As announced in February the deal has an enterprise value of approximately $319 million.
The transaction is 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 PIPE, which is expected to include participation by Fifth Partners, an affiliate of ROC’s sponsor. Read more.
