<SEC-DOCUMENT>0001193125-24-161744.txt : 20240906
<SEC-HEADER>0001193125-24-161744.hdr.sgml : 20240906
<ACCEPTANCE-DATETIME>20240614172254
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001193125-24-161744
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		3
FILED AS OF DATE:		20240614

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			DRIL-QUIP INC
		CENTRAL INDEX KEY:			0001042893
		STANDARD INDUSTRIAL CLASSIFICATION:	OIL & GAS FILED MACHINERY & EQUIPMENT [3533]
		ORGANIZATION NAME:           	06 Technology
		IRS NUMBER:				742162088
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		2050 WEST SAM HOUSTON PARKWAY S.
		STREET 2:		SUITE 1100
		CITY:			HOUSTON
		STATE:			TX
		ZIP:			77042
		BUSINESS PHONE:		7139397711

	MAIL ADDRESS:	
		STREET 1:		2050 WEST SAM HOUSTON PARKWAY S.
		STREET 2:		SUITE 1100
		CITY:			HOUSTON
		STATE:			TX
		ZIP:			77042
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
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</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">June 14, 2024 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>VIA EDGAR
</U></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">U.S. Securities and Exchange Commission </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Division of
Corporation Finance </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">100 F Street, N.E. </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Washington, DC 20549
</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Attn: Lauren Pierce </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>Re:</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Dril-Quip, Inc. </B></P></TD></TR></TABLE>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>&#8201;</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Registration Statement on Form <FONT STYLE="white-space:nowrap">S-4</FONT> </B></P></TD></TR></TABLE>
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<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Filed May&nbsp;1, 2024 </B></P></TD></TR></TABLE>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>&#8201;</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>File <FONT STYLE="white-space:nowrap">No.&nbsp;333-279048</FONT> </B></P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Dear Ms.&nbsp;Pierce: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On behalf of Dril-Quip,
Inc., a Delaware corporation (the &#147;<U>Company</U>&#148;), set forth below are responses of the Company to the comments of the staff of the Division of Corporation Finance (the &#147;<U>Staff</U>&#148;) of the U.S. Securities and Exchange
Commission (the &#147;<U>Commission</U>&#148;) contained in the letter dated June&nbsp;3, 2024 (the &#147;<U>Comment Letter</U>&#148;) regarding the Company&#146;s Registration Statement on Form <FONT STYLE="white-space:nowrap">S-4</FONT> (the
&#147;<U>Registration Statement</U>&#148;) filed with the Commission on May&nbsp;1, 2024. Capitalized terms used herein and otherwise not defined herein shall have the meanings assigned to such terms in the Registration Statement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Concurrently with this response letter, the Company is filing Amendment No.&nbsp;1 to the Registration Statement (&#147;<U>Amendment
No.</U><U></U><U>&nbsp;1</U>&#148;) via EDGAR. Amendment No.&nbsp;1 includes revisions made in response to the comments of the Staff in the Comment Letter, as well as additional changes to update certain disclosures contained in the Registration
Statement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">To facilitate your review, we have reproduced the text of the Staff&#146;s comments in boldfaced print below, followed by the
Company&#146;s response to each comment. References in the responses to page numbers and section headings refer to page numbers and section headings of Amendment No.&nbsp;1. We are also providing, on a supplemental basis, a copy of Amendment
No.&nbsp;1 that has been marked to show changes made to the Registration Statement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Registration Statement on Form
<FONT STYLE="white-space:nowrap">S-4</FONT> </U></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>The Mergers </U></B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Opinion of Dril-Quip&#146;s Financial Advisor, page 103 </U></B></P> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Abu Dhabi &#149; Beijing
&#149; Brussels &#149; Century City &#149; Dallas &#149; Denver &#149; Dubai &#149; Frankfurt &#149; Hong Kong &#149; Houston &#149; London &#149; Los Angeles </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Munich &#149; New York &#149; Orange County &#149; Palo Alto &#149; Paris &#149; Riyadh &#149; San Francisco &#149; Singapore &#149; Washington,
D.C. </P>

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 </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">U.S. Securities and Exchange Commission </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">June&nbsp;14, 2024 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> Page
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>1.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>You disclose that, during the approximate <FONT STYLE="white-space:nowrap">two-year</FONT> period prior to
the date of Citi&#146;s opinion, Citi and its affiliates provided investment banking, commercial banking and other similar financial services to Innovex and/or certain of its affiliates. Please revise to describe and quantify all compensation paid
to Citi by Innovex or its affiliates as a result of their material relationship. Refer to Item 1015(b)(4) of Regulation <FONT STYLE="white-space:nowrap">M-A.</FONT> </B></P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Response</B>: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Company respectfully notes for the Staff
the current disclosure on page&nbsp;111 of the Registration Statement, which indicates that no compensation was received by Citi for its underwriting services to Innovex in connection with its contemplated initial public offering. In response to the
Staff&#146;s comment, however, the Company has revised page&nbsp;111 of Amendment No.&nbsp;1 to further clarify that Citi and its affiliates had not received any compensation from Innovex during the approximate
<FONT STYLE="white-space:nowrap">two-year</FONT> period prior to the date of Citi&#146;s opinion, including in connection with Innovex&#146;s contemplated (but unconsummated) initial public offering. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Unaudited Pro Forma Condensed Combined Statement of Operations, page 202 </U></B></P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>2.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Please revise your cost of sales caption to note that the amounts are presented exclusive of depreciation
and amortization shown below. </B></P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Response</B>: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In response to the Staff&#146;s comment, the Company has included a note &#147;(a)&#148; immediately following the caption &#147;Cost of sales&#148; to clarify
that &#147;Cost of sales excludes depreciation and amortization&#148; in the unaudited pro forma condensed combined statements of operations on pages 205 and 206 and in the notes to the pro forma financial statements on pages 211, 212 and 213 of
Amendment No.&nbsp;1. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Notes to the unaudited pro forma condensed combined financial statements </U></B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Transaction Accounting Adjustments, page 209 </U></B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>3.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>We note that you recorded Gain on bargain purchase in the amount of $185.7M. Please fully explain to us how
you determined the fair value of the property, plant and equipment of Dril-Quip. Please specifically address why the gain on bargain purchase you recognized was so significant relative to the purchase price. Describe to us, in sufficient detail, the
reassessment you performed pursuant to ASC <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">805-30-25-4</FONT></FONT></FONT> before recognizing the gain on bargain purchase.
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 </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">U.S. Securities and Exchange Commission </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">June 14, 2024 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> Page
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Response</B>: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Company acknowledges the Staff&#146;s comments and has provided responses as follows: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Fair value of the property, plant and equipment of Dril-Quip (the &#147;PP&amp;E&#148;) </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">To arrive at the fair value of the net assets acquired from Dril-Quip for the purpose of financial statement reporting, Innovex, the accounting acquirer,
engaged an independent third-party valuation firm. The PP&amp;E was measured at fair value in accordance with the definition in Accounting Standard Codification (&#147;ASC&#148;) 820, <I>Fair Value Measurements and Disclosures</I>, as the price that
would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In
determining the fair value of the PP&amp;E, Innovex took into consideration the highest and best use from a market participant perspective. Innovex determined that the highest and best use of the PP&amp;E was on a stand-alone basis, considering the
economics surrounding the overall purchase consideration, which is further discussed below in the response to the second component of the Staff&#146;s comment, and the resulting insufficient economic support available for the fair value of the
PP&amp;E through its use in combination with other assets.&nbsp;A combination of the following three valuation techniques was used to measure the fair value of the PP&amp;E on a stand-alone basis in accordance with ASC 820: </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="5%" VALIGN="top" ALIGN="left">1.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Market approach &#150; Under the market approach, the fair value of an asset reflects the price at which
comparable assets are purchased under similar circumstances. Use of the market approach requires that comparable transactions be available and may include: (i)&nbsp;the recent sales price of the same or similar assets in an <FONT
STYLE="white-space:nowrap">arm&#146;s-length</FONT> transaction; or (ii)&nbsp;the market price for the license of a similar asset to an independent third party. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="5%" VALIGN="top" ALIGN="left">2.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Income approach &#150; The income approach is used to estimate fair value based on the income streams, such as
cash flows or earnings, that an asset can be expected to generate. The theory underlying this approach is that the realistic valuation of any investment in an income producing asset is directly related to the future income attributable to such
asset. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="5%" VALIGN="top" ALIGN="left">3.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Cost approach &#150; The premise of the cost approach is that a market participant would pay no more for an
asset than the amount for which the asset could be replaced or reproduced in its current condition as of the valuation date. The cost approach is an estimation of fair value developed by computing the current cost of replacing an asset as new (i.e.
&#147;replacement cost new&#148;) and subtracting any depreciation resulting from one or more of the following factors: (i)&nbsp;physical deterioration, (ii)&nbsp;functional obsolescence, and/or (iii)&nbsp;economic obsolescence.
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 </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">U.S. Securities and Exchange Commission </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">June 14, 2024 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> Page
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">When evaluating the appropriate valuation technique(s) to use for each asset type, Innovex
(a)&nbsp;considered the nature of the asset being measured, (b)&nbsp;identified the principal (or most advantageous) market and market participants for the assets acquired, and (c)&nbsp;identified the appropriate valuation premise (stand-alone or in
combination with other assets or assets and liabilities as a group), consistent with the principle of the acquired assets&#146; highest and best use. The valuation techniques determined for each asset type is as follows: </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I><U>Land and Mobile Equipment: </U></I></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In valuing the land,
Innovex has leveraged the comparative sales method of the market approach where comparable transactions and/or listings of similar assets were sourced for each individual assets while adjusting for dissimilar characteristics (such as location, time
of sale, physical characteristics, and condition of sale) to opine on a fair value conclusion. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Mobile equipment includes assets such as trucks and
trailers, which are included in the subcategory <I>Machinery, Equipment and Other</I> of the &#147;Property and equipment, net&#148; balance sheet caption. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In valuing the mobile equipment, Innovex has leveraged the percent of cost method of the market approach. To establish the ratio of current used selling
prices to the new cost at the time of original sale, Innovex referenced data from Price Digests, which is a database with prices for new and used items accumulated through surveys of national leading dealers, brokers, and resellers. Innovex
referenced the wholesale values published by Price Digests to create market-based depreciation curves in the application of the percent of cost method. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The market approach inherently captures all forms of obsolescence, and as such, no further step-down adjustments were applied to the assets valued via this
specific approach. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I><U>Buildings, Land Improvements, and Machinery, Equipment and Other, excluding Mobile Equipment: </U></I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Innovex has leveraged the cost approach whereby it has estimated the replacement cost new of the individual assets. For this preliminary assessment of the fair
value, Innovex has evaluated the nature and current condition of the individual assets and applied a corresponding discount factor to the estimated &#147;replacement cost new&#148; for each asset. Determination of the asset-level assumptions was
derived based upon valuation professional judgment and industry experience. With the information that Innovex currently has prior to the closing of the mergers, Innovex believes the conclusions are a reasonable proxy of fair value for which these
assets would transact from a market participant&#146;s perspective on a stand-alone basis. </P>
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 </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">U.S. Securities and Exchange Commission </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">June 14, 2024 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> Page
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I><U>Construction Work in Process: </U></I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Construction in process relates to recently acquired assets that have not been placed in service. As the assets have been recently acquired or developed,
Innovex believes it is a reasonable assumption that the carrying value of such assets approximates their fair value. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The fair value determination of
PP&amp;E is preliminary based on the information available to management prior to the closing of the mergers. This preliminary fair value determination is subject to further assessment and adjustments pending additional information sharing between
the parties after the mergers are consummated. Innovex expects to receive updated information from the accounting acquiree after the closing of the mergers and will further refine its analysis with pertinent market information as of the transaction
close date in alignment with the approaches described above. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Significance of the bargain purchase gain </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Innovex acknowledges that a bargain purchase is expected to be a rare occurrence. Innovex reassessed the overall factors giving rise to the bargain purchase
and the valuation of net assets, which is further discussed below in the response to the third component of the Staff&#146;s comment. Innovex believes the accounting acquiree placed a perceived value on the stock consideration that was higher than
the recent market price used in the preliminary purchase price estimate for pro forma reporting purposes, thereby giving rise to the bargain purchase accounting effect. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">The proposed mergers were announced on March&nbsp;18, 2024, after negotiations that took place several months
prior. A model was established using Dril-Quip&#146;s stock price, which ranged between $22&#151;$25 per share, to determine the ownership distribution of 48% to legacy Innovex stockholders and 52% to legacy Dril-Quip stockholders after the closing
of the mergers. As the ownership percentage is <FONT STYLE="white-space:nowrap">pre-determined,</FONT> the purchase price consideration in this reverse acquisition is predicated on the stock price of the legal acquirer, Dril-Quip.
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Since the announcement of the proposed mergers, Dril-Quip&#146;s stock price has declined, reflecting the general
trend in the oil field service industry as well as stockholder rotation in a thinly traded stock. The estimated purchase price consideration for pro forma purposes was based on a stock price of $19.46, the closing price of Dril-Quip&#146;s common
stock on April&nbsp;23, 2024, which was approximately 15% lower than the price used during negotiation. </P></TD></TR></TABLE>
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 </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">U.S. Securities and Exchange Commission </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">June 14, 2024 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> Page
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Reassessment procedures in light of the bargain purchase gain </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Innovex acknowledges the Staff&#146;s comment and understands that ASC <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">805-30-25-4</FONT></FONT></FONT> requires that if a bargain purchase is initially identified, the acquirer should reassess whether all of the assets acquired and liabilities assumed have been identified and recognized,
including any additional assets and liabilities not previously identified or recognized in the acquisition accounting. In accordance with ASC
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">805-30-30-5,</FONT></FONT></FONT> the acquirer should also review the procedures used to measure the following items: </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
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<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Identifiable assets acquired and liabilities assumed; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Noncontrolling interest in the acquirer, if any; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Acquirer&#146;s previously held equity interest in the acquiree, if any; and </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Consideration transferred. </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">As discussed above, Innovex recognizes the unique nature of a bargain purchase gain and, as a result, spent a considerable amount of time and resources
ensuring the accuracy of the accounting regarding the mergers. Innovex considered the guidance within ASC <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">805-30-30-5</FONT></FONT></FONT> to ensure
that valuation inputs and assumptions were reasonable and supportable. Innovex engaged a third-party expert with relevant knowledge and experience to assist in the identification and determination of acquired assets and liabilities. Fair values were
determined using acceptable and common valuation methodologies. Innovex gave additional scrutiny to those assumptions requiring a higher degree of judgment and subjectivity. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Innovex determined the fair value of PP&amp;E as described above. In addition, Innovex considered the following key considerations to determine the fair value
of the remaining identifiable assets acquired: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">There were no aspects of the transaction that needed to be accounted for separately from the business
combination; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Assets and liabilities such as accounts receivable and accounts payable, were all recorded at fair value;
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Assumptions utilized and conclusions reached regarding the fair value of intangible assets, including the
developed technologies, and inventories, were deemed appropriate for the facts and circumstances; </P></TD></TR></TABLE>
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 </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">U.S. Securities and Exchange Commission </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">June&nbsp;14, 2024 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> Page
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<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Leases were evaluated for any <FONT STYLE="white-space:nowrap">off-market</FONT> components; and
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Conclusions reached with respect to the accounting for acquired or assumed deferred taxes were appropriate and
included proper analysis of valuation allowances and reserves for uncertain tax positions. </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Based on the reassessment as described
above, the resulting gain represents management&#146;s best estimate of the economic effect of the transaction based on all information that existed when the pro forma information was prepared and is primarily driven by the decrease in
Dril-Quip&#146;s stock price as discussed in the previous section of the response. Innovex believes that it considered all information available when the pro forma information was prepared to measure the fair value for the identifiable assets
acquired and liabilities assumed and the consideration transferred. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Index to Innovex&#146;s financial statements, page <FONT
STYLE="white-space:nowrap">F-1</FONT> </U></B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><B>4.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Please revise your registration statement to include updated Innovex&#146;s financial Statements and related
disclosures in accordance with Rule <FONT STYLE="white-space:nowrap">3-12</FONT> of Regulation <FONT STYLE="white-space:nowrap">S-X.</FONT> </B></P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Response</B>: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In response to the Staff&#146;s comment, the
Company has revised the Registration Statement to include updated Innovex financial statements and related disclosures in accordance with Rule <FONT STYLE="white-space:nowrap">3-12</FONT> of Regulation <FONT STYLE="white-space:nowrap">S-X.</FONT>
</P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Innovex Downhole Solutions, Inc.&#146;s financial statements </U></B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Notes to Consolidated Financial Statements </U></B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Equity Method Investment, page <FONT STYLE="white-space:nowrap">F-12</FONT> </U></B></P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><B>5.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Please tell us how you considered the disclosures required by ASC <FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">323-10-50-3(c).</FONT></FONT></FONT> In addition, please revise to include your policy on presenting distributions received from the equity method investments in your consolidated
statements of cash flows. We refer you to ASC <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">230-10-45-21D</FONT></FONT></FONT> and
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">235-10-</FONT></FONT> <FONT STYLE="white-space:nowrap">50-1</FONT> to <FONT STYLE="white-space:nowrap">50-6.</FONT> </B></P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Response</B>: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In response to the Staff&#146;s comment,
Innovex acknowledges the guidance in ASC <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">323-10-50-3(c)</FONT></FONT></FONT> and determined that its investment in its ownership interest of its sole
equity method investment (Downhole Well Solutions, LLC, herein referred to as &#147;DWS&#148;) is not material in relation to the financial position or results of operations of Innovex. Innovex notes that its proportional ownership of total assets
of DWS at December&nbsp;31, 2023 represents only 1.4% of the total assets of Innovex. Further, Innovex&#146;s total equity method earnings for the twelve months ended December&nbsp;31, 2023 represented only 4% of net income of Innovex. </P>
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 </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">U.S. Securities and Exchange Commission </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">June&nbsp;14, 2024 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> Page
 8
 </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In evaluating whether its ownership interest in the results of operations of DWS are material, Innovex notes
that SAB Topic 1.M indicates that a &#147;matter is &#145;material&#146; if there is a substantial likelihood that a reasonable person would consider it important.&#148; In evaluating whether there is a substantial likelihood that a reasonable
investor would consider the summarized information as to assets, liabilities, and results of operations of DWS important, Innovex notes that it already discloses its proportional share of net income, the total cost of its investment, intangible
assets, equity method goodwill, and its ownership percentage of DWS. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Innovex has also revised page <FONT STYLE="white-space:nowrap">F-12</FONT> of the
Innovex Financial Statements and related disclosures, included within the Registration Statement, to include its policy on presenting distributions received from the equity method investment in its consolidated cash flows. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Lease, page <FONT STYLE="white-space:nowrap">F-24</FONT> </U></B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>6.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>We note from your disclosure on page <FONT STYLE="white-space:nowrap">F-25</FONT> that the weighted-average
discount rate used for finance leases is 6.20% and 5.04%, and the weighted-average discount rate used for operating leases is 5.27% and 3.46% for years ended December&nbsp;31, 2023 and 2022, respectively. Please provide us with additional details
regarding how you determined or calculated the weighted-average discount rates for each class of your leases as a lessee. In this regard, please clarify whether you are utilizing a risk-free discount rate for the leases instead of your incremental
borrowing rate. Refer to ASC <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">842-20-30-3.</FONT></FONT></FONT> </B></P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Response</B>: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In response to the Staff&#146;s comment,
Innovex has revised the disclosure on page <FONT STYLE="white-space:nowrap">F-11</FONT> of the Innovex Financial Statements and related disclosures included within the Registration Statement. Innovex is utilizing its incremental borrowing rate at
lease inception for both its operating and finance leases as the rate implicit in the leases are not readily determinable and we elected not to use the risk-free discount rate. The weighted-average discount rate is calculated as the proportional
rate of all leases relative to the sum of the remaining payments. Innovex&#146;s mix of operating and finance leases includes more operating leases with earlier inception dates as compared to finance leases, resulting in a lower weighted-average
incremental borrowing rates for operating leases. </P>
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 </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">U.S. Securities and Exchange Commission </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">June&nbsp;14, 2024 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> Page&nbsp;
 9
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Please direct any questions concerning this letter to the undersigned at <FONT
STYLE="white-space:nowrap">(346)&nbsp;718-6888</FONT> or gspedale@gibsondunn.com. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Very truly yours, </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>/s/ Gerald M. Spedale</U> </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Gerald M. Spedale </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">GIBSON, DUNN&nbsp;&amp; CRUTCHER LLP </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left">cc:</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Jeffrey Bird, Chief Executive Officer </P></TD></TR></TABLE>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
