INDIANAPOLIS, Jan. 14,
2025 /PRNewswire/ -- Calumet, Inc. (NASDAQ: CLMT)
(the "Company" or "Calumet") today announced that the Company has
filed a prospectus supplement with the U.S. Securities and Exchange
Commission (the "SEC") establishing an at-the-market equity
offering program (the "ATM Program") under which it may issue and
sell, from time to time, shares of its common stock having an
aggregate gross sales price of up to $65
million (the "Offered Shares"). Calumet intends to use the
net proceeds from the ATM Program for general corporate purposes,
which may include, among other things, repayment of indebtedness,
working capital and capital expenditures.
Pursuant to the ATM Program, Calumet may issue and sell, at its
discretion, the Offered Shares to the public from time to time, at
the market prices prevailing at the time of sale, at prices related
to the prevailing market prices or at negotiated prices, in each
case on or through the Nasdaq Global Select Market or any other
national securities exchange where the Offered Shares may be
traded, and, as a result, prices at which the Offered Shares are
sold may vary among purchasers and during the period of any
distribution.
Pursuant to the terms of the equity distribution agreement (the
"Equity Distribution Agreement"), dated January 14, 2025, between Calumet and BMO Capital
Markets Corp. (the "Sales Agent"), sales of the Offered Shares, if
any, under the ATM Program will be made in sales deemed to be "at
the market offerings" as defined in Rule 415 promulgated under the
Securities Act of 1933, as amended. The Sales Agent may also sell
the Offered Shares by any other method agreed in writing between
Calumet and the Sales Agent and permitted by applicable law,
including, without limitation, as block transactions. Subject to
the terms and conditions of the Equity Distribution Agreement, the
Sales Agent will use its commercially reasonable efforts,
consistent with normal trading and sales practices and in
accordance with applicable law and regulations, to sell on
Calumet's behalf all of the Offered Shares designated by Calumet
pursuant to a placement notice. There is no minimum amount of funds
that must be raised under this offering.
The offering is being made pursuant to a prospectus supplement
dated January 14, 2025 to the
Company's base prospectus included in its registration statement on
Form S-3 filed with the SEC on January 14,
2025. Before making an investment in the Offered Shares,
potential investors should read the prospectus supplement and the
accompanying base prospectus for more information about Calumet and
the ATM Program. Copies of the prospectus supplement, the
accompanying base prospectus and the Equity Distribution Agreement
are available on the SEC's website at www.sec.gov. Potential
investors can request copies of the prospectus supplement and the
accompanying base prospectus from the Sales Agent by contacting:
BMO Capital Markets Corp., Attn: Equity Syndicate Department, 151 W
42nd Street, 32nd Floor, New York,
NY 10036 or by email at bmoprospectus@bmo.com.
This press release shall not constitute an offer to sell, or the
solicitation of an offer to buy, any of these securities, nor shall
there be any sale of these securities, in any state in which such
offer, solicitation or sale would be unlawful prior to registration
or qualification under the securities laws of any such state.
About Calumet
Calumet, Inc. (NASDAQ: CLMT) 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
twelve 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, the statements regarding (i) the potential distribution
of the Offered Shares pursuant to the ATM Program, (ii) the
aggregate gross sales price of the Offered Shares which may be
issued pursuant to the ATM Program and (iii) the expected use of
net proceeds, if any, from the ATM Program. These forward-looking
statements are based on our current expectations and beliefs
concerning future developments and their potential effect on us.
While our management considers these assumptions to be reasonable,
they are inherently subject to significant business, economic,
competitive, regulatory and other risks, contingencies and
uncertainties, most of which are difficult to predict and many of
which are beyond our control. Accordingly, our actual results may
differ materially from the future performance that we have
expressed or forecast in our forward-looking statements. For
additional information regarding known material risks,
uncertainties and other factors that can affect future results,
please see our filings with the SEC, including the risk factors and
other cautionary statements in the latest Annual Report on Form
10-K of Calumet Specialty Products Partners, L.P. (the
"Partnership") and other filings with the SEC by the Company and
the Partnership. 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,
except to the extent required by applicable law.
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SOURCE Calumet, Inc.