JK Acquisition Corp., Houston, (Amex: JKA) has amended its plans to merge with privately held Multi-Shot LLC, Conroe, Texas, a provider of independent directional drilling services and will change its name to MS Energy Services Inc in a deal valued at $120.8 million in stock and debt. Multi-Shot will combine with Multi-Shot Inc., a subsidiary of JK, and JK will issue 13.2 million shares and 26.4 million warrants to Multi-Shot and assume $49.4 million in third-party debt. JK will assume approximately $13.5 million of third-party debt from Multi-Shot, which will own approximately 44.45% of the combined company.
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