Common Stock of Calumet, Inc. to Commence
Trading on Nasdaq on Thursday, July
11
INDIANAPOLIS, July 10,
2024 /PRNewswire/ -- July 10,
2024 — Calumet Specialty Products Partners, L.P. (NASDAQ:
CLMT) (the "Partnership," "Calumet," "we," "our" or "us"),
announced today that it has completed the previously announced
conversion (the "Conversion") of its structure from a master
limited partnership ("MLP") to a C-Corporation, pursuant to which
the unitholders of the Partnership became shareholders of Calumet,
Inc. ("New Calumet"). As previously announced, unitholders approved
each proposal presented, including the Conversion, at the
Partnership's special meeting of unitholders held on July 9, 2024.
The 80,388,555 common units of the Partnership that were
outstanding immediately before the Conversion were each exchanged
for one share of common stock, par value $0.01 per share (the "Common Stock"), of New
Calumet. Additionally, New Calumet issued 5,500,000 shares of
Common Stock (alongside the elimination of 1,640,583 GP units) and
2,000,000 warrants to purchase shares of Common Stock at an
exercise price of $20.00 per share,
pursuant to the terms of the Conversion. The Common Stock will
commence trading on Nasdaq on Thursday, July
11 under the ticker symbol "CLMT," which is the same symbol
that the Partnership's common units traded under prior to the
completion of the Conversion.
"The completion of the conversion to a C-Corporation is a major
strategic milestone in the Calumet transformation," said
Todd Borgmann, CEO. "This conversion
is expected to meaningfully increase Calumet's shareholder base as
many institutional investors and passive indices who were not able
to invest in MLPs can now participate in Calumet at an exciting and
pivotal time. Passive indices alone typically own 20% to 30% of
peer C corps, and accessing this large group of capital is a
material opportunity for Calumet. With this major step now
taken, we remain focused on our clear vision for Calumet's leading
specialty products and renewables businesses and executing on the
near-term transformational catalysts ahead of us."
About Calumet
Calumet manufactures, formulates, and markets a diversified
slate of specialty branded products and renewable fuels to
customers across a broad range of consumer-facing and industrial
markets. Calumet is headquartered in Indianapolis, Indiana and operates 12
specialty product manufacturing and production facilities
throughout North America.
Cautionary Statement Regarding Forward-Looking
Statements
Certain statements and information in this press release may
constitute "forward-looking statements." The words "will," "may,"
"intend," "believe," "expect," "outlook," "forecast," "anticipate,"
"estimate," "continue," "plan," "should," "could," "would," or
other similar expressions are intended to identify forward-looking
statements, which are generally not historical in nature. The
statements discussed in this press release that are not purely
historical data are forward-looking statements, including, but not
limited to, statements regarding the expected future growth of the
reorganized company, and plans and objectives of management for
future operations. These forward-looking statements are based on
our current expectations and beliefs concerning future developments
and their potential effect on us. While management believes that
these forward-looking statements are reasonable as and when made,
there can be no assurance that future developments affecting us
will be those that we anticipate. Our forward-looking statements
involve significant risks and uncertainties (some of which are
beyond our control) and assumptions that could cause our actual
results to differ materially from our historical experience and our
present expectations. For additional information regarding known
material risks, uncertainties and other factors that can affect
future results, please see our filings with the Securities and
Exchange Commission, including our latest Annual Report on Form
10-K and Quarterly Report on Form 10-Q. We undertake no obligation
to publicly update or revise any forward-looking statements after
the date they are made, whether as a result of new information,
future events or otherwise.
View original
content:https://www.prnewswire.com/news-releases/calumet-specialty-products-partners-lp-completes-conversion-to-a-c-corporation-302194093.html
SOURCE Calumet Specialty Products Partners, L.P.