Superior Drilling Announces Pricing of $2.0 Million Registered Direct Offering

Source: www.gulfoilandgas.com 10/14/2021, Location: North America

Superior Drilling Products, Inc., a designer and manufacturer of drilling tool technologies, announced that it entered into a share purchase agreement with a certain institutional investor to purchase approximately $2.0 million worth of its common stock in a registered direct offering.

Under the terms of the share purchase agreement, the Company has agreed to sell 1,739,131 shares of its common stock. The purchase price for one share of common stock will be $1.15. The gross proceeds to the Company from the registered direct offering are estimated to be approximately $2.0 million before deducting the placement agent's fees and other estimated offering expenses. The offering is expected to close on or about October 19, 2021, subject to the satisfaction of customary closing conditions.

EF Hutton, division of Benchmark Investments, LLC, is acting as exclusive placement agent for the offering.


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