# Stratim Cloud Acquisition signs binding LOI to acquire Force Pressure Control

SPAC Stratim Cloud Acquisition Corp. signed a binding letter of intent to acquire 100% of Force Pressure Control, LLC, a maker of pressure control rental tools for oil, gas and geothermal well operations, for 12 million shares plus $120 million in cash or notes. The announcement was made on February 14, 2023.

- Type: Acquisition
- Announced: 2023-02-14
- Where: Reno, Nevada, United States
- Value: $120.0M
- Status: announced
- Products: pressure control rental tools, frac and flowback equipment

## Companies

- [Stratim Cloud Acquisition Corp.](https://endata.com/companies/10249.md) (acquirer)
- [Force Pressure Control](https://endata.com/companies/10250.md) (target)

## Sources

- [globenewswire.com](https://www.globenewswire.com/news-release/2023/02/14/2608213/0/en/Stratim-Cloud-Acquisition-Corp-Identifies-Target-Announces-Binding-Letter-of-Intent-for-a-Business-Combination-with-Force-Pressure-Control-LLC.html), 2023-02-14: "SCAC would acquire 100% of the equity interests of Force from its existing equity holders in exchange for 12 million shares of SCAC Class A Common Stock, $120 million in cash or notes."

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Data from Endata (https://endata.com/). Announcements are summarized from public sources and may be incomplete; check the linked originals.