HOUSTON, June 10,
2024 /PRNewswire/ -- Drilling Tools International
Corp., (NASDAQ: DTI) ("DTI" or the "Company"), a global oilfield
services company that designs, engineers, manufactures and provides
a differentiated, rental-focused offering of tools for use in
onshore and offshore horizontal and directional drilling
operations, as well as other cutting-edge solutions across the well
life cycle, today announced that it expects to be added to the
Russell 2000®, Russell 2500®, Russell
3000®, Russell Small Cap Completeness® Index
and Russell Microcap® Index as part of the Russell
Indexes' 2024 Annual Reconstitution later this month. DTI is
expected to be added to these indexes after equity markets close on
June 28, 2024 and is expected to
begin trading as a component of these indexes when equity markets
open on Monday, July 1, 2024.
Wayne Prejean, CEO of DTI,
stated, "We are honored to be considered for inclusion in these
widely tracked Russell indexes. This is an important milestone for
the Company and a testament to our strong foundation, resilient
business model and overall performance. As we approach our one-year
anniversary as a public company, this will provide DTI with
increased visibility and the opportunity to reach a broader set of
investment managers and institutional investors."
Each June, the Russell US index family is recalibrated to
accurately reflect the current state of the US equity market.
During this highly anticipated market event, breakpoints between
large, mid, small, and micro-cap are redefined to ensure market
changes over the last year are captured. Companies are also
re-evaluated to determine where they rank along the investment
styles spectrum.
Russell indexes are widely used by investment managers and
institutional investors for index funds and as benchmarks for
active investment strategies. The Russell 2000 Index measures the
performance of the small-cap segment of U.S. equity markets and is
a subset of the Russell 2500 and 3000 indexes.
More About FTSE Russell
FTSE Russell is a global index leader that provides innovative
benchmarking, analytics and data solutions for investors worldwide.
FTSE Russell calculates thousands of indexes that measure and
benchmark markets and asset classes in more than 70 countries,
covering 98% of the investable market globally.
FTSE Russell index expertise and products are used extensively
by institutional and retail investors globally. Approximately
$20.1 trillion is currently
benchmarked to FTSE Russell indexes. For over 30 years, leading
asset owners, asset managers, ETF providers and investment banks
have chosen FTSE Russell indexes to benchmark their investment
performance and create ETFs, structured products and index-based
derivatives.
A core set of universal principles guides FTSE Russell index
design and management: a transparent rules-based methodology is
informed by independent committees of leading market participants.
FTSE Russell is focused on applying the highest industry standards
in index design and governance and embraces the IOSCO Principles.
FTSE Russell is also focused on index innovation and customer
partnerships as it seeks to enhance the breadth, depth and reach of
its offering.
FTSE Russell is wholly owned by London Stock Exchange Group. For
more information, visit www.ftserussell.com.
About Drilling Tools International Corp.
DTI is a Houston, Texas based
leading oilfield services company that manufactures and rents
downhole drilling tools used in horizontal and directional drilling
of oil and natural gas wells. With roots dating back to 1984, DTI
now operates from 16 service and support centers across
North America and maintains 7
international service and support centers across Europe and the Middle East. To learn more about DTI, please
visit: www.drillingtools.com.
Cautionary Note Regarding Forward-Looking Statements
This news release contains, and our officers and representatives
may from time to time make, "forward-looking statements" within the
meaning of Section 27A of the Securities Act of 1933, as amended,
Section 12E of the Securities Exchange Act of 1934, as amended, and
the safe harbor provisions of the U.S. Private Securities
Litigation Reform Act of 1995. Forward-looking statements are
neither historical facts nor assurances of future performance.
Instead, they are based only on our current beliefs, expectations
and assumptions regarding the future of our business, future plans
and strategies, projections, anticipated events and trends, the
economy and other future conditions. Forward-looking statements can
be identified by words such as: "anticipate," "intend," "plan,"
"goal," "seek," "believe," "project," "estimate," "expect,"
"strategy," "future," "likely," "may," "should," "will" and similar
references to future periods. Although we believe that we have a
reasonable basis for the forward-looking statements contained
herein, they are based on current expectations about future events
affecting DTI and the Russell Indexes and are subject to
risks, uncertainties and factors relating to its operations and
business environment and the Russell Indexes, all of which are
difficult to predict and many of which are beyond its control.
Because forward-looking statements relate to the future, they
are subject to inherent uncertainties, risks and changes in
circumstances that are difficult to predict and many of which are
outside of our control. You should carefully consider the risks and
uncertainties described in the definitive proxy
statement/prospectus/consent solicitation statement with the SEC by
the Company on May 12, 2023 (the
"Proxy Statement"), and the information presented in DTI's annual
report on Form 10-K filed March 29,
2024 (the "10-K") and quarterly report on Form 10-Q for the
period ended March 31, 2024 (the
"10-Q"). Such forward-looking statements are based on the beliefs
of management of DTI, as well as assumptions made by, and
information currently available to DTI's management. Actual results
could differ materially from those contemplated by the
forward-looking statements as a result of certain factors detailed
in the Proxy Statement, the 10-K, or the 10-Q. All subsequent
written or oral forward-looking statements attributable to the
Company or persons acting on its behalf are qualified in their
entirety by this paragraph. Forward-looking statements are subject
to numerous conditions, many of which are beyond the control of
each of DTI, including those set forth in the Risk Factors section
of the Proxy Statement and described in the 10-K and the 10-Q. The
Company undertakes no obligation to update these statements for
revisions or changes after the date of this release, except as
required by law.
Contact:
DTI Investor Relations
Ken Dennard / Rick Black
InvestorRelations@drillingtools.com
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SOURCE Drilling Tools International Corp.