Hi-Crush Announces Completion of Conversion to C-Corporation Structure
31 Mayo 2019 - 3:01PM
Hi-Crush Partners LP, “Hi-Crush” or the “Partnership”, announced
today that it has completed the conversion of its corporate
structure from a master limited partnership (MLP) to a
C-Corporation, following the previously announced unitholder
approval received on May 22, 2019. Concurrent with the conversion,
the company will change its name to Hi-Crush Inc. (the
“Corporation”). The Corporation’s Common Stock will be listed on
the New York Stock Exchange under the symbol “HCR” beginning on
June 3, 2019.
After market close on May 31, 2019, outstanding
common units which represented limited partner interests in the
Partnership (the “Units”) were each exchanged for one share of
common stock, par value $0.01 per share, (the “Common Stock”) of
Hi-Crush Inc. Unitholders received, in exchange for their Units,
100% of the Common Stock outstanding immediately following the
completion of the conversion. After completion of the conversion,
there were 101,801,372 Common Shares outstanding.
“We are happy to have completed the conversion
process as authorized by our unitholders,” said Robert E. Rasmus,
Chairman and Chief Executive Officer of Hi-Crush. “We are excited
about the benefits the conversion presents to our business,
including an expanded potential investor base, lower cost of
capital, and enhanced corporate governance. The conversion
represents the beginning of a new and exciting chapter in the
history of Hi-Crush, as we continue to expand our offerings to
customers, and execute on our logistics-focused strategy.”
About Hi-CrushHi-Crush is a
fully integrated, strategic provider of proppant and logistics
solutions to the North American petroleum industry. We own and
operate multiple frac sand mining facilities and in-basin
terminals, and provide mine-to-wellsite logistics services that
optimize proppant supply to customers in all major oil and gas
basins in the United States. Our PropStream® service, offering both
container- and silo-based wellsite delivery and storage systems,
provides the highest level of flexibility, safety and efficiency in
managing the full scope and value of the proppant supply
chain. Visit HiCrush.com.
Forward-Looking Statements
Some of the information in this news release may
contain forward-looking statements within the meaning of Section
27A of the Securities Act of 1933, as amended, and Section 21E of
the Securities Exchange Act of 1934, as amended (the "Exchange
Act"). Forward-looking statements give our current expectations,
and contain projections of results of operations or of financial
condition, or forecasts of future events. Words such as "may,"
"should," "assume," "forecast," "position," "predict," "strategy,"
"expect," "intend," "hope," "plan," "estimate," "anticipate,"
"could," "believe," "project," "budget," "potential," "likely," or
"continue," and similar expressions are used to identify
forward-looking statements. They can be affected by assumptions
used or by known or unknown risks or uncertainties. Consequently,
no forward-looking statements can be guaranteed. When considering
these forward-looking statements, you should keep in mind the risk
factors and other cautionary statements in Hi-Crush’s reports filed
with the SEC, including those described under Item 1A of Hi-Crush’s
Form 10-K for the year ended December 31, 2018 and any
subsequently filed 10-Q. Actual results may vary materially. You
are cautioned not to place undue reliance on any forward-looking
statements. You should also understand that it is not possible to
predict or identify all such factors and should not consider the
risk factors in our reports filed with the SEC or the following
list to be a complete statement of all potential risks and
uncertainties. Factors that could cause our actual results to
differ materially from the results contemplated by such forward
looking statements include: the volume of frac sand we are able to
sell; the price at which we are able to sell frac sand; the outcome
of any pending litigation, claims or assessments, including
unasserted claims; changes in the price and availability of natural
gas or electricity; changes in prevailing economic conditions;
difficulty collecting receivables; statements regarding the
Conversion; descriptions of our operations and anticipated future
performance following the Conversion; and the risk that we may be
unable to achieve expected benefits of the Conversion, or that it
may take longer than expected to achieve those benefits. All
forward-looking statements are expressly qualified in their
entirety by the foregoing cautionary statements. Hi-Crush’s
forward-looking statements speak only as of the date made and
Hi-Crush undertakes no obligation to update or revise its
forward-looking statements, whether as a result of new information,
future events or otherwise.
Investor contact:Caldwell Bailey, Lead Investor
Relations AnalystMarc Silverberg, ICRir@hicrush.com(713)
980-6270
Source: Hi-Crush Inc.
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