Team (TISI) Registration Filing summary

Company overview and business model

• Provides specialty industrial services globally, including mechanical, heat-treating, and inspection services for critical customer assets across energy, manufacturing, infrastructure, and aerospace sectors.

• Operates through two segments: Inspection and Heat Treating (IHT) and Mechanical Services (MS), offering integrated solutions from inspection to repair and maintenance.

• Services are marketed to a diverse array of heavy industries, with offerings tailored for turnaround, callout, and run-and-maintain customer needs.

Financial performance and metrics

• Classified as a "smaller reporting company" with market value and revenue thresholds below SEC-defined limits, allowing for reduced disclosure requirements.

Use of proceeds and capital allocation

• No proceeds will be received from the resale of shares by selling securityholders; proceeds from any cash exercise of warrants will be used for working capital and general corporate purposes.

• Recent $75 million private placement used to repay $25 million under a credit agreement, cover transaction expenses, and repay $42.9 million under a second lien term loan.

• Option to draw up to $30 million in additional Series B preferred stock through September 2027, with proceeds allocated to acquisitions, growth initiatives, debt repayment, and up to 20% for a transformation plan.