Drilling Tools International Set to Complete Major Acquisition as SDPI Investors Give Green Light

Shareholders of Superior Drilling Products, Inc. (NYSE American: SDPI) have overwhelmingly endorsed the company’s acquisition by Drilling Tools International Corporation (Nasdaq: DTI), marking a significant milestone for the combination. At yesterday’s special shareholder meeting, over 99% of votes cast supported the merger agreement, with participation representing approximately 77% of all outstanding SDPI stock.

The transaction is slated to close on August 1, 2024, following the formal submission of certified voting results to the U.S. Securities and Exchange Commission via Form 8-K filing. Once the merger completes, SDPI stock will cease trading on public exchanges.

Key Details of the SDPI-DTI Merger

Troy Meier, Chairman and CEO of Superior Drilling Products, emphasized the strategic value of the combination: “This shareholder endorsement validates our vision for the merged entity. The convergence creates substantial value-creation opportunities, and we’re focused on executing a smooth integration while positioning the organization for growth.”

The overwhelming support from SDPI investors underscores confidence in the deal structure. The company has obtained approval from the required majority, clearing a major procedural hurdle toward completion.

Superior Drilling Products’ Market Position

Superior Drilling Products operates as a specialized innovator in drilling tool technology, serving the oil and natural gas sector with engineered solutions designed to enhance operational efficiency and reduce costs. The company’s portfolio includes proprietary technologies such as the Drill-N-Ream® well bore conditioning system and Strider™ oscillation technology. Additionally, the firm manufactures and refurbishes PDC (polycrystalline diamond compact) drill bits for major oilfield service providers.

The company operates a modern manufacturing facility dedicated to producing its proprietary drilling solutions alongside custom products for industry clients, establishing it as a vertically integrated provider in the drilling tools market.

What’s Next for SDPI Stock Holders

With regulatory and shareholder hurdles cleared, the acquisition moves into its final phase. The August 1 closing date represents the expected completion timeline, pending standard closing conditions. Upon merger, SDPI shareholders will transition their holdings as outlined in the definitive transaction agreement, and SDPI stock will no longer trade independently.

The combination represents a consolidation within the drilling tools sector, reflecting the strategic convergence of complementary technology platforms and market positions within the energy equipment manufacturing landscape.