Superior Drilling Products (SDPI) to Offer 5M Common Shares

September 7, 2016 7:02 AM EDT
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Superior Drilling Products, Inc. (NYSE: SDPI) announced today the launch of an underwritten public offering of 5,000,000 shares of its common stock, subject to market and other conditions. The underwriters will have an option to purchase up to an additional 750,000 shares of common stock from the Company. All of the shares to be sold in this offering will be sold by the Company.

SDPI intends to use the net proceeds from this offering to repay certain indebtedness, including amounts outstanding under its FNCC credit facility, its recently completed bridge financing, its Hard Rock Note, and for general corporate purposes, including working capital.

Roth Capital Partners, LLC is acting as sole book-running manager of the offering and Wunderlich Securities, Inc. is acting as co-lead manager.

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