Form 4: Innovex International: Major Shareholders Report Acquisition of Common Stock Following Merger
SEC Form 4
Multiple entities, including Innovex Co-Invest Fund and Intervale Capital Funds, report acquiring Innovex International common stock as a result of the merger between Dril-Quip and Innovex Downhole.
Summary
- This Form 4 filing reports changes in beneficial ownership of Innovex International, Inc. [INVX] common stock.
- The reported transactions occurred on September 6, 2024, and involve multiple entities including Innovex Co-Invest Fund, Amberjack Capital Fund, and Intervale Capital Funds.
- These entities acquired shares of Innovex International common stock in exchange for shares of Innovex Downhole Solutions, Inc. as part of the merger with Dril-Quip, Inc.
- Innovex Co-Invest Fund, L.P. acquired 1,204,903 shares directly.
- Amberjack Capital Fund II, L.P. acquired 21,773,618 shares indirectly.
- Innovex Co-Invest Fund II, L.P. acquired 5,083,965 shares indirectly.
- Intervale Capital Fund II, L.P. acquired 1,039,364 shares indirectly.
- Intervale Capital Fund III, L.P. acquired 267,457 shares indirectly.
- Intervale Capital Fund II-A, L.P. acquired 515 shares indirectly.
- The filing is split into two forms due to the SEC's limit of 10 reporting persons per form.
Sentiment
Score: 7
Explanation: The document indicates a completed merger and subsequent acquisition of shares by significant holders, which is generally viewed positively. However, it's a regulatory filing, so the sentiment is moderately positive.
Positives
- The merger completion is a positive event, resulting in the acquisition of Innovex International shares by major shareholders.
Future Outlook
The document does not contain specific forward-looking statements regarding Innovex International's future performance.
Industry Context
The merger between Dril-Quip and Innovex Downhole reflects ongoing consolidation trends within the oil and gas equipment and services industry.
Stakeholder Impact
- Shareholders of Innovex Downhole Solutions received shares of Innovex International as a result of the merger.
- The ownership structure of Innovex International has been updated to reflect the new share distribution.
Key Dates
| Date | Description |
|---|---|
| 2024/03/18 | Date of the Agreement and Plan of Merger between Dril-Quip, Inc., Ironman Merger Sub, Inc., DQ Merger Sub, LLC, and Innovex Downhole. |
| 2024/09/06 | Date of the reported transactions (acquisition of Innovex International shares). |
| 2024/09/10 | Date of the Form 4 filing. |
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