$INVX
Innovex International, Inc.

2024 Q4 Form 10-Q Financial Statement

#000095017024124037 Filed on November 08, 2024

View on sec.gov

Income Statement

Concept 2024 Q4 2024 Q3 2023 Q4
Revenue $151.8M $126.3M
YoY Change 29.49% 30.5%
Cost Of Revenue $99.14M $91.69M
YoY Change 15.81% 37.74%
Gross Profit $52.68M $34.66M
YoY Change 66.49% 14.58%
Gross Profit Margin 34.7% 27.43%
Selling, General & Admin $37.98M $29.83M
YoY Change 40.72% 10.94%
% of Gross Profit 72.1% 86.06%
Research & Development $2.987M
YoY Change 10.67%
% of Gross Profit 8.62%
Depreciation & Amortization $7.786M $8.487M
YoY Change -1.43% 20.06%
% of Gross Profit 14.78% 24.49%
Operating Expenses $37.98M $30.53M
YoY Change 40.72% 3.2%
Operating Profit -$13.22M $4.127M
YoY Change 117.72% 521.54%
Interest Expense $729.0K $1.067M
YoY Change -41.77% -31.6%
% of Operating Profit 25.85%
Other Income/Expense, Net $269.0K
YoY Change -533.87%
Pretax Income $80.00M $5.707M
YoY Change -2228.2% 466.73%
Income Tax -$2.587M $3.863M
% Of Pretax Income -3.23% 67.69%
Net Earnings $82.59M $1.844M
YoY Change -1274.1% -811.97%
Net Earnings / Revenue 54.4% 1.46%
Basic Earnings Per Share $2.03
Diluted Earnings Per Share $1.99 $0.05
COMMON SHARES
Basic Shares Outstanding 67.25M 34.45M 34.18M
Diluted Shares Outstanding 41.53M

Balance Sheet

Concept 2024 Q4 2024 Q3 2023 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $99.90M $213.2M
YoY Change -47.42% -28.21%
Cash & Equivalents $99.90M $187.3M
Short-Term Investments $25.91M
Other Short-Term Assets $4.226M $9.699M
YoY Change -76.65% -71.77%
Inventory $297.5M $194.6M
Prepaid Expenses $14.12M
Receivables $225.1M $135.6M
Other Receivables $0.00 $0.00
Total Short-Term Assets $677.3M $719.7M
YoY Change -4.47% -4.37%
LONG-TERM ASSETS
Property, Plant & Equipment $182.2M $217.6M
YoY Change -13.96% 20.06%
Goodwill $23.93M $16.70M
YoY Change 47.73%
Intangibles $41.94M
YoY Change 79.63%
Long-Term Investments $19.92M $20.03M
YoY Change
Other Assets $7.704M $6.906M
YoY Change 30.42% 16.09%
Total Long-Term Assets $455.5M $308.5M
YoY Change 52.57% 40.26%
TOTAL ASSETS
Total Short-Term Assets $677.3M $719.7M
Total Long-Term Assets $455.5M $308.5M
Total Assets $1.133B $1.028B
YoY Change 12.43% 5.72%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $83.61M $65.70M
YoY Change 65.72% 52.71%
Accrued Expenses $55.88M $38.48M
YoY Change 34.41% 21.59%
Deferred Revenue $14.09M $0.00
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $10.70M
YoY Change
Total Short-Term Liabilities $174.8M $117.7M
YoY Change 63.77% 34.43%
LONG-TERM LIABILITIES
Long-Term Debt $12.35M $0.00
YoY Change
Other Long-Term Liabilities $1.962M $3.754M
YoY Change -42.72% 126.42%
Total Long-Term Liabilities $53.63M $3.754M
YoY Change 1465.75% 126.42%
TOTAL LIABILITIES
Total Short-Term Liabilities $174.8M $117.7M
Total Long-Term Liabilities $53.63M $3.754M
Total Liabilities $228.4M $146.9M
YoY Change 66.61% 50.54%
SHAREHOLDERS EQUITY
Retained Earnings $179.5M $950.7M
YoY Change -81.09% -0.21%
Common Stock $723.2M $100.6M
YoY Change 634.1% 10.84%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $904.4M $881.3M
YoY Change
Total Liabilities & Shareholders Equity $1.133B $1.028B
YoY Change 12.43% 5.72%

Cashflow Statement

Concept 2024 Q4 2024 Q3 2023 Q4
OPERATING ACTIVITIES
Net Income $82.59M $1.844M
YoY Change -1274.1% -811.97%
Depreciation, Depletion And Amortization $7.786M $8.487M
YoY Change -1.43% 20.06%
Cash From Operating Activities $70.50M $26.13M
YoY Change 203.44% -248.44%
INVESTING ACTIVITIES
Capital Expenditures -$4.946M $11.58M
YoY Change -191.09% 124.78%
Acquisitions
YoY Change
Other Investing Activities $130.0M -$5.512M
YoY Change -282.13% 22.84%
Cash From Investing Activities $134.9M -$17.10M
YoY Change -275.69% 77.34%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -113.7M -83.00K
YoY Change 598515.79% 822.22%
NET CHANGE
Cash From Operating Activities 70.50M 26.13M
Cash From Investing Activities 134.9M -17.10M
Cash From Financing Activities -113.7M -83.00K
Net Change In Cash 91.66M 8.951M
YoY Change -271.11% -132.84%
FREE CASH FLOW
Cash From Operating Activities $70.50M $26.13M
Capital Expenditures -$4.946M $11.58M
Free Cash Flow $75.45M $14.55M
YoY Change 323.77% -163.92%

Facts In Submission

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us-gaap Proceeds From Stock Options Exercised
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CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
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CY2023Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
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us-gaap Interest Paid Net
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us-gaap Interest Paid Net
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us-gaap Nature Of Operations
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<p style="font-size:10pt;margin-top:18pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">NOTE 1. SUMMARY OF BUSINESS</span><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:12pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">Description of Business</span></p><p style="text-indent:5.667%;font-size:10pt;margin-top:12pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">On March 18, 2024, Innovex Downhole Solutions, Inc., a Delaware corporation (“Legacy Innovex”), entered into an Agreement and Plan of Merger (the “Merger Agreement”) with Dril-Quip, Inc., a Delaware corporation (“Dril-Quip”), Ironman Merger Sub, Inc., a Delaware corporation and wholly owned subsidiary of Dril-Quip, and DQ Merger Sub, LLC, a Delaware limited liability company and wholly owned subsidiary of Dril-Quip. On September 6, 2024 (the “Closing Date”), the transactions contemplated in the Merger Agreement (the “Merger”) were consummated. Following the Merger, Legacy Innovex became a wholly owned subsidiary of Dril-Quip, and the name “Dril-Quip, Inc.” was changed to “Innovex International, Inc.” (“Innovex”, the “Company”, the "Combined Company", “we”, “us” and “our”). The Company’s stock remained listed on the New York Stock Exchange, and its symbol was changed to “INVX”. Except as otherwise indicated, references herein to "Dril-Quip" are to Dril-Quip, Inc. prior to the completion of the Merger.</span></p><p style="text-indent:5.667%;font-size:10pt;margin-top:12pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">The Merger was accounted for using the acquisition method of accounting with Legacy Innovex being identified as the accounting acquirer. The consolidated financial statements of the Company reflect the financial position, results of operations and cash flows of only Legacy Innovex for all periods prior to the Merger and of the Combined Company for all periods subsequent to the Merger.</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> </span></p><p style="text-indent:5.733%;font-size:10pt;margin-top:12pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">In connection with the consummation of the Merger, the outstanding shares of common stock, par value $</span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">0.01</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> per share, of Legacy Innovex (the "Legacy Innovex Common Stock") were converted into the right to receive </span><span style="font-size:10pt;font-family:Times New Roman;color:#212529;white-space:pre-wrap;min-width:fit-content;">32,183,966</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> shares of common stock, par value $</span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">0.01</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> per share, of the Company (the “Company Common Stock”). The number of shares of Company Common Stock received for each share of Legacy Innovex Common Stock by the Legacy Innovex shareholders was equal to </span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">2.0125</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> (the "Exchange Ratio").</span></p><p style="text-indent:5.667%;font-size:10pt;margin-top:12pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">Innovex designs, manufactures, sells and rents a broad suite of well-centric, engineered products to the global oil and natural gas industry. Our products are sold and rented to international oil companies, national oil companies, independent exploration and production companies and multinational service companies. The products we provide have applications across the well lifecycle for both onshore and offshore oil and natural gas wells, including well construction, well completion, and well production and intervention applications. The Company’s corporate office is located in Humble, Texas.</span></p><p style="font-size:10pt;margin-top:12pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">Basis of Presentation</span></p><p style="text-indent:5.733%;font-size:10pt;margin-top:12pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">The accompanying Condensed Consolidated Financial Statements have been prepared in conformity with accounting principles generally accepted in the United States (“U.S. GAAP” or “GAAP”) for interim financial information. The Condensed Consolidated Financial Statements include the accounts of our subsidiaries where we have control over operating and financial policies. Investments in unconsolidated affiliates, in which the Company can exercise significant influence, but does not own a controlling financial interest, are accounted for using the equity method of accounting. These Condensed Consolidated Financial Statements should be read in conjunction with Legacy Innovex's financial statements and related notes thereto for the year ended December 31, 2023 (the "Audited Financial Statements") included in our Current Report on Form 8-K/A filed with the Securities and Exchange Commission on September 16, 2024. In the opinion of management, these Condensed Consolidated Financial Statements reflect all normal, recurring adjustments necessary for a fair statement of the interim periods presented. The results of operations for interim periods are not necessarily indicative of those for a full year. All intercompany accounts and transactions have been eliminated for purposes of preparing these Condensed Consolidated Financial Statements.</span></p>
us-gaap Impairment Of Long Lived Assets To Be Disposed Of
ImpairmentOfLongLivedAssetsToBeDisposedOf
3500000
CY2024Q3 us-gaap Restricted Cash
RestrictedCash
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CY2023Q4 us-gaap Restricted Cash
RestrictedCash
300000
invx Amount To Maintain Cash Collateral Account For Letters Of Credit
AmountToMaintainCashCollateralAccountForLettersOfCredit
the outstanding letters of credit plus 5% at all times
CY2024Q3 us-gaap Contract With Customer Asset Net Current
ContractWithCustomerAssetNetCurrent
8100000
CY2024Q3 invx Number Of Projects
NumberOfProjects
6
CY2024Q3 invx Percentage Of Cumulative Revenue
PercentageOfCumulativeRevenue
0.002
CY2024Q3 invx Percentage Of Product Revenues
PercentageOfProductRevenues
0.002
invx Number Of Projects
NumberOfProjects
6
invx Percentage Of Cumulative Revenue
PercentageOfCumulativeRevenue
0.001
invx Percentage Of Product Revenues
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0.001
us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<p style="font-size:10pt;margin-top:12pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">Reclassifications</span></p><p style="text-indent:5.733%;font-size:10pt;margin-top:12pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">In conjunction with the Merger, the Company made the following reclassification in the prior year presentation to conform to the current year presentation:</span></p><div class="item-list-element-wrapper" style="margin-left:5.731%;display:flex;margin-top:6pt;justify-content:flex-start;align-items:baseline;margin-bottom:0;min-width:5.731%;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:6.079411047109866%;word-break:keep-all;display:inline-flex;justify-content:flex-start;">•</span><div style="width:100%;display:inline;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">The Company reclassified $</span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">0.8</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> million and $</span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">2.0</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> million for the </span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">three and nine months ended September 30, 2023</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> to "Acquisition costs", which were previously presented within "Selling, general and administrative expenses" on the Condensed Consolidated Statements of Operations and Comprehensive Income.</span></div></div>
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AcqusitionCosts
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invx Acqusition Costs
AcqusitionCosts
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CY2024Q3 us-gaap Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Current Assets Marketable Securities
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCurrentAssetsMarketableSecurities
75000000
invx Schedule Of Consideration For The Merger Part Of Business Combination
ScheduleOfConsiderationForTheMergerPartOfBusinessCombination
<span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">The following table summarizes the consideration for the Merger (in thousands, except stock price and shares):</span><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> </span></p> <table style="margin-left:auto;border-spacing:0;table-layout:fixed;width:100.0%;border-collapse:separate;margin-right:auto;"> <tr style="visibility:collapse;"> <td style="width:65.533%;box-sizing:content-box;"></td> <td style="width:16.443%;box-sizing:content-box;"></td> <td style="width:1.06%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:14.963%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> </tr> <tr style="height:10pt;background-color:#cceeff;word-break:break-word;"> <td style="white-space:pre-wrap;vertical-align:middle;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;min-width:fit-content;">Fair value of shares transferred to Dril-Quip shareholders </span><span style="color:#000000;top:-4.221pt;white-space:pre-wrap;font-size:6.03pt;position:relative;min-width:fit-content;">(1)</span></p></td> <td style="white-space:pre-wrap;vertical-align:middle;text-align:center;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="white-space:pre-wrap;min-width:fit-content;"> </span></p></td> <td style="white-space:pre-wrap;vertical-align:middle;text-align:center;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;min-width:fit-content;">$</span></p></td> <td style="white-space:nowrap;vertical-align:middle;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="min-width:fit-content;"> </span></p></td> <td style="white-space:pre-wrap;vertical-align:middle;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="font-size:9pt;color:#000000;white-space:pre-wrap;min-width:fit-content;">530,909</span></p></td> <td style="white-space:nowrap;vertical-align:middle;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="min-width:fit-content;"> </span></p></td> </tr> <tr style="height:10pt;background-color:#ffffff;word-break:break-word;"> <td style="white-space:pre-wrap;vertical-align:middle;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;min-width:fit-content;">Fair value of replacement Dril-Quip stock-based payment awards attributable to the purchase price</span></p></td> <td style="white-space:pre-wrap;vertical-align:middle;text-align:center;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="white-space:pre-wrap;min-width:fit-content;"> </span></p></td> <td style="white-space:pre-wrap;vertical-align:middle;text-align:center;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="white-space:pre-wrap;min-width:fit-content;"> </span></p></td> <td style="white-space:nowrap;vertical-align:middle;border-bottom:0.5pt solid #000000;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="min-width:fit-content;"> </span></p></td> <td style="white-space:pre-wrap;vertical-align:middle;border-bottom:0.5pt solid #000000;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="font-size:9pt;color:#000000;white-space:pre-wrap;min-width:fit-content;">6,364</span></p></td> <td style="white-space:nowrap;vertical-align:middle;border-bottom:0.5pt solid #000000;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="min-width:fit-content;"> </span></p></td> </tr> <tr style="height:10pt;background-color:#cceeff;word-break:break-word;"> <td style="white-space:pre-wrap;vertical-align:middle;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;min-width:fit-content;">Total purchase price consideration</span></p></td> <td style="white-space:pre-wrap;vertical-align:middle;text-align:center;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="white-space:pre-wrap;min-width:fit-content;"> </span></p></td> <td style="white-space:pre-wrap;vertical-align:middle;text-align:center;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;min-width:fit-content;">$</span></p></td> <td style="white-space:nowrap;vertical-align:middle;border-bottom:2.25pt double #000000;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="min-width:fit-content;"> </span></p></td> <td style="white-space:pre-wrap;vertical-align:middle;border-bottom:2.25pt double #000000;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="font-size:9pt;color:#000000;white-space:pre-wrap;font-weight:bold;min-width:fit-content;">537,273</span></p></td> <td style="white-space:nowrap;vertical-align:middle;border-bottom:2.25pt double #000000;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="min-width:fit-content;"> </span></p></td> </tr> </table><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="white-space:pre-wrap;font-size:5.36pt;font-family:Times New Roman;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;vertical-align:super;font-size:5.36pt;font-family:Times New Roman;min-width:fit-content;">(1) </span><span style="color:#000000;white-space:pre-wrap;font-size:8pt;font-family:Times New Roman;min-width:fit-content;">The fair value of shares transferred to Dril-Quip stockholders is based on </span><span style="font-size:8pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">34,452,230</span><span style="color:#000000;white-space:pre-wrap;font-size:8pt;font-family:Times New Roman;min-width:fit-content;"> shares of Dril-Quip common stock outstanding and the closing stock price of Dril-Quip common stock of $</span><span style="font-size:8pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">15.41</span><span style="color:#000000;white-space:pre-wrap;font-size:8pt;font-family:Times New Roman;min-width:fit-content;"> on the Closing Date.</span></p>
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us-gaap Common Stock Voting Rights
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The Action challenged the following provisions of a Stockholders Agreement that Amberjack Capital Partners, L.P. (“Amberjack”), Legacy Innovex’s largest equity holder, had agreed to enter into with the Company in connection with the Merger (the “Stockholders Agreement”): (i) a provision requiring Amberjack to vote in favor of the Board of Director’s nominees at the Company’s 2025 annual meeting of stockholders (the “Voting Requirement”) and (ii) a provision prohibiting certain transfers from Amberjack directly to an “Activist Investor” (as defined in the Stockholders Agreement) not through public market sales so long as Amberjack owned at least 10% of the Company’s outstanding common stock (the “Activist Transfer Restriction”).
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