Superior Drilling Products (SDPI) Prices 1.74M Share Direct Offering at $1.15/sh

Superior Drilling Products, Inc. (NYSE American: SDPI), a designer and manufacturer of drilling tool technologies, today 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.

The offering is being made pursuant to an effective "shelf" registration statement on Form S-3 (File No. 333-239608) filed with the Securities and Exchange Commission (the "SEC") on July 1, 2020 and declared effective on July 29, 2020. Such shares of common stock may be offered only by means of a prospectus, including a prospectus supplement. A prospectus supplement, describing the terms of the proposed offering, and accompanying prospectus related to the offering of common stock will be filed with the SEC and will be available on the SEC's website located at http://www.sec.gov.

This press release does not constitute an offer to sell or the solicitation of an offer to buy, nor will there be any sales of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction.

When available, copies of the prospectus supplement relating to this registered direct offering, together with the accompanying prospectus, can be obtained at the SEC's website at www.sec.gov or from EF Hutton, division of Benchmark Investments, LLC, 590 Madison Avenue, 39th Floor, New York, NY 10022, Attention: Syndicate Department, or via email at [email protected] or telephone at (212) 404-7002. Before investing in this offering, interested parties should read in their entirety the prospectus supplement and the accompanying prospectus and the other documents that the Company has filed/will file with the SEC that are incorporated by reference in such prospectus supplement and the accompanying prospectus, which provide more information about the Company and such offering.

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