EPAQ traces to Empeiria Acquisition Corp., a Delaware blank check company that raised $60 million in a mid 2011 IPO and merged with Houston based Integrated Drilling Equipment Company two years later. The combined entity, renamed Integrated Drilling Equipment Holdings Corp., built a vertically integrated land drilling rig franchise around a proprietary electrical and control systems platform that the company claimed carried roughly 10% of the land rig electrical market. The business never escaped the oil and gas cycle. By year end 2014, revenue had fallen to $87.3 million. The balance sheet carried a $39.1 million working capital deficit, and the auditors appended a substantial doubt going concern paragraph to the annual report. The stock traded on the OTC Bulletin Board under the symbol IRIG after the SPAC rename, and the last reported bid range for the quarter closed at $1.50 high.
On May 14, 2015, the company filed a deregistration filing. The filing terminated its Section 12(g) registration. The grounds cited were only 53 holders of record. No further periodic reports have appeared on EDGAR. The ticker EPAQ, as listed in the SEC company tickers file, maps to this defunct issuer. The name EPAQ Inc, which appears in some data feeds, is a misnomer. The correct legal name is Integrated Drilling Equipment Holdings Corp., formerly Empeiria Acquisition Corp., CIK 1514418. The security has been deregistered for over a decade. This note documents the final public record of the company, the sequence of events that drove it into delisting, and the residual claims that remain attached to the name.