Winston & Strawn Represents ROC Energy Acquisition Corp.

Winston & Strawn is representing ROC Energy Acquisition Corp., a publicly traded special purpose acquisition company, in connection with the announced business combination with Drilling Tools International Holdings, Inc. (“DTI”), a leading oilfield services company that rents downhole drilling tools used in horizontal and directional drilling. Upon closing of the transaction, the combined company is expected to be listed under the new ticker symbol "DTI".
 
The business combination implies a combined pro forma enterprise value of approximately $319 million, which equates to 5.5x projected 2023 adjusted EBITDA of $58 million and 7.8x estimated 2022 adjusted EBITDA of $41 million. The transaction is expected to provide net cash proceeds of up to approximately $217 million, including approximately $209 million of cash from ROC's trust account, before the impact of potential redemptions therefrom, and $45 million of cash from a common stock PIPE. 
 
Press Release: https://www.prnewswire.com/news-releases/drilling-tools-international-a-leading-oilfield-services-company-to-list-on-nasdaq-through-business-combination-with-roc-energy-acquisition-corp-301745960.html
 
Winston Team:
• Mike Blankenship, Lead Partner, Houston
• Chris Ferazzi, Partner, Houston
• Dean Hinderliter, Partner, Dallas
• Scott Landau, Partner, New York
• Allan Jeanjaquet, Associate, Houston
• John Niedzwiecki, Associate, Houston
• Robbie Oakes, Associate, Houston
• Luisa Patoni, Associate, Houston
• Alexandra Santana, Associate, Houston
• Louis Savage, Associate, Houston
• Tori Sharockman, Associate, Dallas
• Ben Smolij, Associate, Houston