Business Context and Reporting Period
This Form 8-K was filed by Select Energy Services, Inc. (NYSE: WTTR) on August 29, 2017, reporting events occurring on August 23, 2017. The filing addresses the proposed stock-for-stock merger between Select Energy Services, Inc. and Rockwater Energy Solutions, Inc., originally announced on July 18, 2017.
Key Financial Metrics
This filing is a current report regarding a corporate event and does not contain financial statements, revenue, profit, cash flow, margin, debt, or liquidity data. The filing text does not provide a clear value for any financial metrics.
Material Changes
The primary material change reported is the receipt of notice from the U.S. Federal Trade Commission (FTC) granting early termination of the applicable waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 (HSR Act). This termination is effective immediately and satisfies one of the conditions required to close the proposed merger.
Guidance, Outlook, and Risks
While the HSR waiting period has been cleared, the transaction remains subject to other customary closing conditions. These include the filing of an information statement with the SEC describing the proposed merger and the subsequent mailing of this statement to Select's stockholders. No specific financial guidance or outlook was provided in this document.
Investor Verification Checklist
- Verify the status of the remaining closing conditions, specifically the SEC filing and mailing of the information statement to stockholders.
- Confirm the terms of the stock-for-stock transaction as detailed in the July 18, 2017 announcement.
- Review the attached press release (Exhibit 99.1) for any additional details on the merger timeline.
- Monitor for the official information statement filing with the SEC.