Superior Drilling Products, Inc. Announces Closing of $2.0 Million Registered Direct Offering
October 19 2021 - 4:31PM
Business Wire
Superior Drilling Products, Inc. (NYSE American: SDPI) (“SDP” or
the “Company”), a designer and manufacturer of drilling tool
technologies, today announced the closing of its registered direct
offering of 1,739,131 shares of its common stock to a certain
institutional investor for $1.15 per share, or approximately $2.0
million in gross proceeds.
EF Hutton, division of Benchmark Investments, LLC, acted as
exclusive placement agent and Colliers Securities LLC acted as
financial advisor for the offering.
Net of placement fees and other expenses, SDP expects net
proceeds of approximately $1.7 million to be used for general
corporate purposes which may include capital expenditures,
repayment or refinancing of indebtedness, acquisition and
repurchases or redemptions of securities.
The offering was made pursuant to an effective "shelf"
registration statement on Form S-3 (File No. 333-239608) filed with
the Securities and Exchange Commission (the "SEC") on July 1, 2020
and declared effective on July 29, 2020. Such shares of common
stock were offered only by means of a prospectus, including a
prospectus supplement. The prospectus supplement related to this
registered direct offering, together with the accompanying
prospectus, has been filed with the SEC and can be found at
http://www.sec.gov or can be obtained from:
EF Hutton, division of Benchmark Investments, LLC Attention:
Syndicate Department 590 Madison Avenue, 39th Floor, New York, NY
10022 Email: syndicate@efhuttongroup.com Telephone: (212)
404-7002
This press release does not constitute an offer to sell or the
solicitation of an offer to buy, nor will there be any sales of
these securities in any jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of such jurisdiction.
About Superior Drilling Products, Inc.
Superior Drilling Products, Inc. is an innovative, cutting-edge
drilling tool technology company providing cost saving solutions
that drive production efficiencies for the oil and natural gas
drilling industry. The Company designs, manufactures, repairs and
sells drilling tools. SDP drilling solutions include the patented
Drill-N-Ream® wellbore conditioning tool and the patented Strider™
oscillation system technology. In addition, SDP is a manufacturer
and refurbisher of PDC (polycrystalline diamond compact) drill bits
for a leading oil field service company. SDP operates a
state-of-the-art drill tool fabrication facility, where it
manufactures its solutions for the drilling industry, as well as
customers’ custom products. The Company’s strategy for growth is to
leverage its expertise in drill tool technology and innovative,
precision machining in order to broaden its product offerings and
solutions for the oil and gas industry.
Additional information about the Company can be found at:
www.sdpi.com.
Forward-Looking Statements
This news release contains forward-looking statements and
information that are subject to a number of risks and
uncertainties, many of which are beyond our control. All
statements, other than statements of historical fact included in
this release, including, without limitations, the use of proceeds
of the offering and other statements that are predictive in nature.
The use of words "could," "believe," "anticipate," "intend,"
"estimate," "expect," "may," "continue," "predict," "potential,"
"project", "forecast," "should" or "plan, and similar expressions
are intended to identify forward-looking statements, although not
all forward -looking statements contain such identifying words.
These statements reflect the beliefs and expectations of the
Company and are subject to risks and uncertainties that may cause
actual results to differ materially. These risks and uncertainties
include, among other factors, the duration of the COVID-19 pandemic
and related impact on the oil and natural gas industry, the
effectiveness of success at expansion in the Middle East, options
available for market channels in North America, the deferral of the
commercialization of the Strider technology, the success of the
Company’s business strategy and prospects for growth; the market
success of the Company’s specialized tools, effectiveness of its
sales efforts, its cash flow and liquidity; financial projections
and actual operating results; the amount, nature and timing of
capital expenditures; the availability and terms of capital;
competition and government regulations; and general economic
conditions. These and other factors could adversely affect the
outcome and financial effects of the Company’s plans and described
herein. The Company undertakes no obligation to revise or update
any forward-looking statements to reflect events or circumstances
after the date hereof.
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version on businesswire.com: https://www.businesswire.com/news/home/20211019006061/en/
For more information, contact investor relations: Deborah
K. Pawlowski Kei Advisors LLC (716) 843-3908
dpawlowski@keiadvisors.com
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