NEW YORK and HOUSTON, May 18 (Bernama-GLOBE NEWSWIRE) -- National Energy Services Reunited Corp. (Nasdaq:NESRU) ("NESR" or the "Company"), a company formed for the purpose of acquiring, engaging in a share exchange, share reconstruction and amalgamation, purchasing all or substantially all of the assets of, entering into contractual arrangements, or engaging in any other similar business combination with one or more businesses or entities, today announced the closing of its initial public offering (“IPO”) of 21,000,000 units at a price to the public of $10.00 per unit, with the offering raising gross proceeds of $210,000,000. The units commenced trading on Friday, May 12, 2017, on The NASDAQ Capital Market ("Nasdaq") under the symbol "NESRU." Each unit issued in the IPO consists of one ordinary share and one warrant to acquire one-half of one ordinary share at a price of $11.50 per full share. Once the securities comprising the units begin separate trading, the ordinary shares and warrants are expected to be traded on Nasdaq under the symbols "NESR" and "NESRW", respectively. Certain lead investors, as defined in the final prospectus, who have agreed to hold their shares through the consummation of our initial business combination and not seek redemption in connection therewith, purchased an aggregate of $60,000,000 of units in the IPO.
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