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.
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