Drilling Tools International Corp. Announces 2024 Annual Meeting of Stockholders
Ticker: DTI · Form: DEF 14A · Filed: Apr 2, 2024 · CIK: 1884516
| Field | Detail |
|---|---|
| Company | Drilling Tools International Corp (DTI) |
| Form Type | DEF 14A |
| Filed Date | Apr 2, 2024 |
| Risk Level | low |
| Pages | 15 |
| Reading Time | 18 min |
| Key Dollar Amounts | $0.0001 |
| Sentiment | neutral |
Sentiment: neutral
Topics: Annual Meeting, Proxy Statement, Director Election, Auditor Ratification, Virtual Meeting
TL;DR
<b>Drilling Tools International Corp. will hold its 2024 Annual Meeting virtually on May 14, 2024, to elect directors and ratify auditors.</b>
AI Summary
Drilling Tools International Corp (DTI) filed a Proxy Statement (DEF 14A) with the SEC on April 2, 2024. The 2024 Annual Meeting of Stockholders for Drilling Tools International Corp. (DTI) will be held virtually on May 14, 2024, at 1:00 p.m. Central Time. Stockholders will participate and vote via live webcast at www.virtualshareholdermeeting.com/DTI2024. The meeting's primary purposes include electing seven director nominees and ratifying the appointment of Weaver and Tidwell, L.L.P. as independent auditors for fiscal year 2024. Stockholders will need a control number from their proxy card or voting instruction form to access the virtual meeting. The company previously operated as ROC Energy Acquisition Corp. before changing its name on September 23, 2021.
Why It Matters
For investors and stakeholders tracking Drilling Tools International Corp, this filing contains several important signals. The virtual meeting format is being used to lower costs and enable global participation, indicating a focus on operational efficiency and broader stakeholder engagement. The ratification of Weaver and Tidwell, L.L.P. as auditors suggests a continuation of established financial oversight practices, crucial for investor confidence.
Risk Assessment
Risk Level: low — Drilling Tools International Corp shows low risk based on this filing. The filing is a routine proxy statement with no immediate financial or operational disclosures, indicating low risk.
Analyst Insight
Review the director nominees and auditor ratification proposals to make an informed voting decision.
Key Numbers
- 7 — Director Nominees (To be elected at the Annual Meeting)
- 2024 — Fiscal Year End (For which auditors are being appointed)
- 1:00 p.m. Central Time — Meeting Time (Time of the virtual Annual Meeting)
- May 14, 2024 — Meeting Date (Date of the virtual Annual Meeting)
Key Players & Entities
- Drilling Tools International Corp. (company) — Registrant name
- DTI (company) — Abbreviation for Drilling Tools International Corp.
- ROC Energy Acquisition Corp. (company) — Former company name
- Weaver and Tidwell, L.L.P. (company) — Independent registered public accounting firm
- May 14, 2024 (date) — Date of Annual Meeting
- 2024 (date) — Fiscal year for auditor appointment
- September 23, 2021 (date) — Date of former name change
- 3701 Briarpark Drive, Suite 150, Houston, Texas 77042 (address) — Company business and mailing address
FAQ
When did Drilling Tools International Corp file this DEF 14A?
Drilling Tools International Corp filed this Proxy Statement (DEF 14A) with the SEC on April 2, 2024.
What is a DEF 14A filing?
A DEF 14A is a definitive proxy statement sent to shareholders before annual meetings, covering executive compensation, board nominations, and shareholder votes. This particular DEF 14A was filed by Drilling Tools International Corp (DTI).
Where can I read the original DEF 14A filing from Drilling Tools International Corp?
You can access the original filing directly on the SEC's EDGAR system. The filing is publicly available and includes all exhibits and attachments submitted by Drilling Tools International Corp.
What are the key takeaways from Drilling Tools International Corp's DEF 14A?
Drilling Tools International Corp filed this DEF 14A on April 2, 2024. Key takeaways: The 2024 Annual Meeting of Stockholders for Drilling Tools International Corp. (DTI) will be held virtually on May 14, 2024, at 1:00 p.m. Central Time.. Stockholders will participate and vote via live webcast at www.virtualshareholdermeeting.com/DTI2024.. The meeting's primary purposes include electing seven director nominees and ratifying the appointment of Weaver and Tidwell, L.L.P. as independent auditors for fiscal year 2024..
Is Drilling Tools International Corp a risky investment based on this filing?
Based on this DEF 14A, Drilling Tools International Corp presents a relatively low-risk profile. The filing is a routine proxy statement with no immediate financial or operational disclosures, indicating low risk.
What should investors do after reading Drilling Tools International Corp's DEF 14A?
Review the director nominees and auditor ratification proposals to make an informed voting decision. The overall sentiment from this filing is neutral.
Risk Factors
- Filing Fee [low — regulatory]: No fee was required for this filing, indicating it is a standard proxy statement.
Key Dates
- 2024-05-14: Annual Meeting of Stockholders — To elect directors and ratify auditors.
- 2021-09-23: Name Change — Company changed from ROC Energy Acquisition Corp. to Drilling Tools International Corp.
Glossary
- DEF 14A
- Definitive Proxy Statement filed under Section 14(a) of the Securities Exchange Act of 1934. (This filing provides detailed information for stockholders to vote on company matters.)
- Proxy Statement
- A document filed with the SEC that contains information about matters to be voted on at a company's shareholder meeting. (Essential for understanding the proposals and making informed voting decisions.)
- Independent Registered Public Accounting Firm
- An external audit firm hired to examine a company's financial statements. (Ratification of this firm is a key agenda item, impacting financial reporting integrity.)
Filing Stats: 4,586 words · 18 min read · ~15 pages · Grade level 11.9 · Accepted 2024-04-02 16:52:11
Key Financial Figures
- $0.0001 — 8 shares of DTI Common Stock, par value $0.0001 per share, were outstanding. Only holde
Filing Documents
- ny20021898x1_def14a.htm (DEF 14A) — 514KB
- logo_drilling.jpg (GRAPHIC) — 52KB
- logo_drillingx1.jpg (GRAPHIC) — 54KB
- ny20021898x1_ccrofford.jpg (GRAPHIC) — 52KB
- ny20021898x1_crichard.jpg (GRAPHIC) — 51KB
- ny20021898x1_eneuman.jpg (GRAPHIC) — 52KB
- ny20021898x1_jfurst.jpg (GRAPHIC) — 59KB
- ny20021898x1_one.jpg (GRAPHIC) — 7KB
- ny20021898x1_pc01.jpg (GRAPHIC) — 362KB
- ny20021898x1_pc02.jpg (GRAPHIC) — 478KB
- ny20021898x1_prejean.jpg (GRAPHIC) — 54KB
- ny20021898x1_rpatterson.jpg (GRAPHIC) — 62KB
- ny20021898x1_thicks.jpg (GRAPHIC) — 54KB
- ny20021898x1_two.jpg (GRAPHIC) — 7KB
- sig_rprejean.jpg (GRAPHIC) — 18KB
- 0001140361-24-017306.txt ( ) — 2387KB
Security Ownership of Certain Beneficial Owners and Management
Security Ownership of Certain Beneficial Owners and Management ​ ​ 31
Executive Compensation
Executive Compensation ​ ​ 34 Equity Compensation Plan Information ​ ​ 41 Certain Relationships and Related Party Transactions ​ ​ 42 Additional Information ​ ​ 44 Other Matters ​ ​ 46 TABLE OF CONTENTS   Information about Solicitation and Voting The accompanying proxy is solicited on behalf of the board of directors of Drilling Tools International Corporation for use at our 2024 Annual Meeting of Stockholders, or Annual Meeting, to be held virtually at www.virtualshareholdermeeting.com/DTI2024 on Tuesday, May 14, 2024 at 1:00 p.m. Central Time, and any adjournment or postponement thereof. The Notice of Internet Availability of Proxy Materials and this proxy statement for the Annual Meeting, or Proxy Statement, and the accompanying form of proxy were first distributed and made available on the Internet to stockholders on or about April 2, 2024. An annual report for the year ended December 31, 2023 is available with this Proxy Statement by following the instructions in the Notice of Internet Availability of Proxy Materials. In this Proxy Statement, we refer to Drilling Tools International Corporation as “Drilling Tools,” “DTI,” “we” or “us.” References to our website in this Proxy Statement are not intended to function as hyperlinks and the information contained on our website is not intended to be incorporated into this Proxy Statement. Only stockholders of record as of the close of business on March 18, 2024, the record date for determination of the stockholders entitled to vote at the Annual Meeting (the “Record Date”), will be entitled to vote at the Annual Meeting. On June 20, 2023, a merger transaction between Drilling Tools International Holdings, Inc., ROC Energy Acquisition Corp (“ROC”), and ROC Merger Sub, Inc., a directly, wholly owned subsidiary of
Forward-Looking Statements
Forward-Looking Statements This proxy statement contains various forward-looking statements that are not historical facts. These forward-looking statements generally are identified by the words “believe,” “project,” “expect,” “anticipate,” “estimate,” “intend,” “budget,” “target,” “aim,” “strategy,” “estimate,” “plan,” “guidance,” “outlook,” “intend,” “may,” “should,” “could,” “will,” “would,” “will be,” “will continue,” “will likely result,” and similar expressions, although not all forward-looking statements contain these identifying words. Forward-looking statements reflect the Company’s beliefs and expectations based on current estimates and projections. While the Company believes these expectations, and the estimates and projections on which they are based, are reasonable and were made in good faith, these statements are subject to numerous risks and uncertainties, any of which could cause the Company’s actual results, performance, or achievements, or industry results, to differ materially from any future results, performance, or achievements expressed or implied by such forward-looking statements. Forward-looking statements involve known and unknown risks and uncertainties, which include, but are not limited to, the risks described in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023, under the heading “Risk Factors” and in other documents filed by the Company with the Securities and Exchange Commission. These forward-looking statements speak only as of the date hereof, and except as required by law, the Company undertakes no obligation to correct, update, or revise any forwa