NATIONAL ENERGY SERVICES REUNITED CORP. (NASDAQ:NESRU) Files An 8-K Other Events
Item 8.01Other Events
Over-Allotment Closing
As previously reported on a Current Report on Form 8-K of
National Energy Services Reunited Corp. (the Company), on May 17,
2017, the Company consummated its initial public offering (IPO)
of 21,000,000 units (Units), each Unit consisting of one ordinary
share, no par value (Ordinary Share) and one warrant to purchase
one-half of one Ordinary Share, to the registration statements
(File Nos. 333-217006 and 333-217911) (collectively, the
Registration Statement). The Units were sold at an offering price
of $10.00 per Unit, generating gross proceeds of $210,000,000.
The underwriters of the IPO were granted an option to purchase up
to an additional 3,150,000 Units to cover over-allotments, if any
(Over-Allotment Units). The underwriters exercised the option in
part and, on May 30, 2017, the underwriters purchased 1,921,700
Over-Allotment Units, which were sold at an offering price of
$10.00 per Unit, generating gross proceeds of $19,217,000.
As previously reported on a Current Report on Form 8-K of the
Company, on May 17, 2017, simultaneously with the consummation of
the IPO, the Company completed a private placement (the Private
Placement) of an aggregate of 11,850,000 warrants (the Placement
Warrants) to NESR Holdings Ltd., the Companys sponsor, at a price
of $0.50 per Placement Warrant, generating total proceeds of
$5,925,000. On May 30, 2017, simultaneously with the sale of the
Over-Allotment Units, the Company consummated the private sale of
an additional 768,680 Placement Warrants to the sponsor,
generating gross proceeds of $384,340.
In connection with the partial over-allotment exercise, the
Companys initial shareholder forfeited an aggregate of 307,075
Ordinary Shares.
A total of $229,217,000 of the net proceeds from the sale of
Units in the IPO (including the Over-Allotment Units) and the
private placements on May 17, 2017 and May 30, 2017,
respectively, were placed in a trust account established for the
benefit of the Companys public shareholders. The Companys
unaudited pro forma balance sheet as of May 30, 2017, reflecting
receipt of the proceeds from the sale of the Over-Allotment Units
and related private placement is included as Exhibit 99.1 to this
Current Report on Form 8-K.
Separate Trading of Ordinary Shares and Warrants
On May 30, 2017, the Company announced that the securities
included in the Units will trade separately commencing on June 5,
2017. The Units will cease trading and will automatically
separate into their component securities on such date. Each Unit
consists of one Ordinary Share and one Warrant. Upon separation,
each of the underlying Ordinary Shares and Warrants are expected
to trade on the Nasdaq Capital Market under the symbols NESR and
NESRW, respectively.
A copy of the press release issued by the Company announcing the
consummation of the sale of the Over-Allotment Units and the
separate trading of the securities underlying the Units is
attached hereto as Exhibit 99.2.
Item 9.01Financial Statements and
Exhibits
| ExhibitNumber | Description | |
| 99.1 | Pro Forma Balance Sheet | |
| 99.2 | Press Release, dated May 30, 2017 |
About NATIONAL ENERGY SERVICES REUNITED CORP. (NASDAQ:NESRU)
National Energy Services Reunited Corp. is a blank check company. The Company formed for the purpose of acquiring, engaging in a share exchange, share reconstruction and amalgamation, purchasing all of the assets of, entering into contractual arrangements, or engaging in any other similar business combination. The Company intends to focus its search on target businesses that operate in the energy services industry, with an emphasis on oil and gas services globally. The Company will either seek shareholder approval of its initial business combination at a meeting called for such purpose at which shareholders may seek to redeem their shares, regardless of whether they vote for or against the proposed business combination, into their pro rata share of the aggregate amount then on deposit in the trust account (net of taxes payable and working capital released to us), or provide its shareholders with the opportunity to sell their shares to us by means of a tender offer. NATIONAL ENERGY SERVICES REUNITED CORP. (NASDAQ:NESRU) Recent Trading Information
NATIONAL ENERGY SERVICES REUNITED CORP. (NASDAQ:NESRU) closed its last trading session at with 300 shares trading hands.