Business Context and Reporting Period
This Form 8-K was filed by ROC Energy Acquisition Corp., not Drilling Tools International Corp., on March 3, 2023, under Item 8.01. The company was a special purpose acquisition company seeking to complete its initial business combination.
Material Event and Key Financial Information
- The company extended its deadline to consummate a business combination from March 6, 2023 to June 6, 2023.
- This was the second of two permitted three-month extensions under the company’s governing documents.
- The sponsor, ROC Energy Holdings LLC, intended to deposit an aggregate of $2,070,000 into the trust account by March 6, 2023, representing $0.10 per public share.
- The filing does not provide revenue, profit, cash flow, margins, debt, liquidity, or other operating financial metrics.
Guidance, Outlook, Risks, and Unusual Items
The extension provides additional time to complete the company’s initial business combination. The filing does not identify a signed transaction, provide a revised completion forecast beyond June 6, 2023, or discuss management guidance.
Key risks include the possibility that the company may not complete a business combination within the extended period and that the sponsor’s proposed trust-account deposit may not be completed as stated. The filing text does not provide further details regarding contingencies, redemption activity, or the terms of any potential transaction.
Investor Verification Items
- Confirm that the $2,070,000 sponsor contribution was deposited into the trust account by March 6, 2023.
- Verify whether a business combination was completed by the June 6, 2023 extended deadline.
- Review the attached March 3, 2023 press release for additional extension terms.
- Reconcile the filing registrant, ROC Energy Acquisition Corp., with the requested company name, Drilling Tools International Corp.