INDIANAPOLIS, July 10, 2024 — Calumet Specialty Products Partners, now Calumet, Inc. (NASDAQ: CLMT), officially transitioned its stock listing to the Nasdaq Stock Market today, July 11th, marking a significant milestone for the company. This move follows the successful conversion from a master limited partnership (MLP) to a C-Corporation, a strategic decision approved by unitholders at a special meeting on July 9, 2024.
The conversion sees each of the 80,388,555 common units of Calumet Specialty Products Partners exchanged for one share of common stock in the newly formed Calumet, Inc. In addition to this direct exchange, Calumet, Inc. has issued 5,500,000 new shares of common stock and 2,000,000 warrants, each allowing the purchase of a share of common stock at an exercise price of $20.00. The common stock retains the ticker symbol “CLMT” previously used by Calumet Specialty Products Partners, ensuring continuity for investors.
Todd Borgmann, CEO of Calumet, emphasized the transformative nature of this corporate structure change. “Completing the conversion to a C-Corporation represents a pivotal strategic achievement in Calumet’s ongoing evolution,” Borgmann stated. He highlighted the anticipated expansion of Calumet’s shareholder base as a key benefit, noting that the C-Corporation structure is expected to attract institutional investors and be included in passive indices, groups that traditionally have limited investment in MLPs. Borgmann further elaborated, “Passive indices typically hold a substantial portion – between 20% and 30% – of peer C-corporations. Accessing this significant pool of capital presents a substantial opportunity for Calumet Specialty Products Partners.” With this structural change finalized, the company reaffirms its dedication to its strategic vision, focusing on growth within its specialty products and renewable fuels businesses, and capitalizing on upcoming transformational opportunities.
Calumet Specialty Products Partners is a leading North American manufacturer, formulator, and marketer of a diverse range of specialty branded products and renewable fuels. Serving a wide array of consumer and industrial markets, Calumet operates 12 manufacturing and production facilities across North America and is headquartered in Indianapolis, Indiana.
Forward-Looking Statements
This announcement includes forward-looking statements regarding future growth, operations, and management objectives. These statements are identified by terms such as “will,” “expect,” “believe,” and similar expressions. While based on current expectations, these statements are subject to risks, uncertainties, and assumptions that could cause actual results to differ materially from projections. Investors are encouraged to review Calumet’s filings with the Securities and Exchange Commission, including the latest Annual Report on Form 10-K and Quarterly Reports on Form 10-Q, for a comprehensive understanding of potential risks and uncertainties. Calumet undertakes no obligation to update forward-looking statements in light of new information or future events.
SOURCE Calumet Specialty Products Partners, L.P.
