ROC Energy Acquisition Corp. (NASDAQ:ROC) announced in an 8-K today that its shareholders have approved its combination with oilfield services company Drilling Tools International (“DTI”) during a special meeting held on June 1.
At the meeting, holders of 23,008,929 shares of common stock were present in person or by proxy, representing approximately 85.69% of the voting power of the 26,851,000 issued and outstanding shares of common stock entitled to vote.
The business combination was approved with 19,282,780 shares voting in favor of the deal, but saw a slight pushback from holders of 3,726,149 shares.
ROC Energy did not provide a timeline for the closing of the deal, but the SPAC also held an extension meeting that same day where shareholders approved a proposal to extend the completion deadline from June 6 to August 6, composed of two one-month extensions. As a result, the sponsor, ROC Energy Holdings, LLC, will deposit into the trust account for each of the two one-month extensions $0.04 for each share not redeemed in connection with the proposal.
The SPAC originally inked its $319 million business combination with DTI earlier this year in February. ROC Energy brought about $209 million into the deal through its trust and supplemented this with a $45 million PIPE. Houston, Texas-based DTI manufactures and provides a differentiated, rental-focused offering of tools used for horizontal and directional drilling.
The combined company is expected to trade on the Nasdaq under the symbol “DTI” once the deal is completed.
Tariffs, Trade Routes, and Tech: Freightos’ View from the Cargo Frontlines 2025 is shaping up to be a wild year for global trade, and few companies have a vantage point on the impacts of every-changing tariff policy quite like digital cargo-booking platform Freightos (NASDAQ:CRGO). This week, we catch up with Freightos CEO Zvi Schreiber. He shares...
NMP (NASDAQ:NMPU) has filed for a $100 million SPAC to conduct a broad search for a target, leveraging its team’s past consultancy work. The new SPAC’s units are set to contain one right to a 1/5 share. That is more generous to investors than the unit structure for Maxim Group’s other new SPAC filing this...
At the SPAC of Dawn Futures are green ahead of the Fed Chair Jerome Powell’s highly anticipated press conference at 2:30 pm ET today following two days of Federal Reserve meetings. Several other Fed members are expected to speak on Friday, but any news on rate changes is likely to come out of today’s speech,...
Dune Acquisition Corporation II (NASDAQ:IPODU) announced the pricing of its $125 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “IPODU”, Wednesday, May 7, 2025. The new SPAC aims expects to conduct a broad search for a combination target, but is interested in companies that are in the...
Oyster Enterprises II (NASDAQ:OYSEU) has filed for a $200 million SPAC to pursue a broad investment thesis, but one informed by the way that AI is shaking up industries. The new SPAC has units each containing one right to a 1/10 share and it will have 24 months to initially complete a business combination without...