DTI and SDPI Announce Deadline for Election of Form of Merger Consideration

HOUSTON and VERNAL, Utah, July 25, 2024 /PRNewswire/ -- Drilling Tools International Corporation (NASDAQ: DTI) ("DTI") and Superior Drilling Products, Inc. (NYSE: SDPI) ("SDPI") jointly announced today, that in connection with DTI's anticipated and pending acquisition of SDPI (the "Merger"), the deadline for SDPI shareholders to elect the form of merger consideration they wish to receive in the Merger has been set for 5:00 p.m., New York time, on July 29, 2024 (the "Election Deadline"). If the SDPI shareholders approve the Merger at the upcoming special meeting expected to be held July 29, 2024, DTI and SDPI expect that the Merger will close on August 1, 2024 (the "Closing Date"). If the Closing Date is delayed to a subsequent date, the Election Deadline will be similarly delayed to a subsequent date. DTI and SDPI will promptly announce any such delay and, when determined, the rescheduled Election Deadline. All terms used herein and not otherwise defined have the meanings ascribed to them in the proxy statement/prospectus (the "Proxy Statement") filed with the Securities and Exchange Commission on July 2, 2024 and mailed to shareholders of SDPI on or about July 2, 2024.

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