Drilling Tools shareholders approve board, auditor

Published 15/05/2025, 13:56
Drilling Tools shareholders approve board, auditor

In a recent filing with the Securities and Exchange Commission, Drilling Tools International Corporation (NASDAQ:DTI), a company specializing in oil and gas field machinery and equipment with a market capitalization of $89 million, reported the outcomes of its 2025 Annual Meeting of Stockholders, which took place on Tuesday, May 13, 2025. The company’s shares, currently trading at $2.50, have declined over 54% in the past year, according to InvestingPro data.

The meeting saw a robust turnout with approximately 83.56% of the outstanding shares represented in person or by proxy. A total of 29,744,673 shares were present at the meeting out of 35,592,737 shares entitled to vote.

During the meeting, shareholders voted on two key proposals. The first was the election of directors, where all the nominees were elected to the board. The directors elected were Curtis L. Crofford, John D. "Jack" Furst, Thomas O. Hicks, Eric C. Neuman, Thomas M. "Roe" Patterson, R. Wayne Prejean, and C. Richard Vermillion. The voting showed a significant majority in favor, with the least votes for any nominee being 23,207,592 for and 2,204,897 withheld.

The second proposal was the ratification of Weaver & Tidwell, L.L.P. as Drilling Tools’ independent registered public accounting firm for the fiscal year 2025. This proposal was also approved by a substantial majority, with 29,713,420 votes for, 28,310 against, and 2,943 abstentions.

The company’s filing also included a Cover Page Interactive Data File as an exhibit, which is embedded within the Inline XBRL document. This document, as stated in the report, shall not be considered "filed" for purposes of the Securities Exchange Act of 1934, nor incorporated by reference in any filing under the Securities Act of 1933 or the Exchange Act.

This SEC filing provides investors with the latest information on the corporate governance and oversight of Drilling Tools International Corporation. Analysts maintain a positive outlook for the company, with price targets ranging from $3.10 to $5.00 per share. For deeper insights into DTI’s financial health and growth prospects, including exclusive ProTips and comprehensive analysis, investors can access the full company research report on InvestingPro.

In other recent news, Drilling Tools International (DTI) reported a substantial 16% increase in revenue for Q1 2025, reaching $42.9 million. Tool rental revenue was a significant contributor, making up $34.5 million of the total. The company’s adjusted EBITDA also saw an 18% year-over-year increase, amounting to $10.8 million. Despite these positive earnings, the company is navigating challenging market conditions, including a 6% global rig count decline. DTI has implemented a cost reduction program expected to save $6 million annually and has projected full-year 2025 revenue between $145 million and $165 million. Additionally, the company announced a $10 million share buyback authorization, reflecting confidence in its undervalued stock. The company continues to focus on operational agility and innovative technology investments to sustain growth and shareholder value amidst market volatility.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

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