Calumet Specialty Products Partners, L.P. Unitholders Approve Conversion to a C-Corporation

Rhea-AI Summary

Calumet Specialty Products Partners (NASDAQ: CLMT) announced that its unitholders have voted to approve the conversion from a Master Partnership (MLP) to a C- This conversion received overwhelming support with 99.6% of votes cast in favor. Upon closing, unitholders will become shareholders of Calumet Inc. The conversion is expected to complete on July 10, 2024, and the new entity's stock will begin trading on Nasdaq under the ticker symbol 'CLMT' on July 11, 2024.

All other proposals at the special meeting held on July 9, 2024, were also approved. The results will be filed with the SEC on Form 8-K. CEO Todd Borgmann expressed gratitude to the leadership and unitholders for their support and emphasized the company's focus on driving shareholder value in the future.

Positive

• 99.6% voter approval for conversion to C-
• Trading on Nasdaq under the same ticker 'CLMT' starts July 11, 2024.

Negative

• None.

99.6% of the Votes Cast Supported the Conversion

INDIANAPOLIS, July 9, 2024 /PRNewswire/ -- Calumet Specialty Products Partners, L.P. (NASDAQ: CLMT) (the "Partnership," "Calumet," "we," "our" or "us"), announced today that its unitholders voted to approve 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 will become shareholders of Calumet, Inc. ("New Calumet") upon closing of the Conversion.

At the Partnership's special meeting of unitholders held on July 9, 2024, over 99% of the votes cast on the Conversion proposal were cast in favor of the approval of the Conversion. The Partnership's unitholders also voted to approve all other proposals presented at the special meeting. The Partnership plans to file the full results of the special meeting, as tabulated by the inspector of election, with the Securities and Exchange Commission on a Form 8-K. Subject to the satisfaction of customary closing conditions, the Conversion is expected to close on Wednesday, July 10, and the common stock, par value $0.01 per share, of New Calumet is expected to commence trading on Nasdaq on Thursday, July 11 under the ticker symbol "CLMT," which is the same symbol that the Partnership's common units previously traded under.

"I appreciate the leadership of our General Partner, Conflicts Committee, and Board of Directors, as well as the support of our unitholders in taking this major step," said Todd Borgmann, CEO. "A tremendous amount of effort went into this transaction, and our investors displayed overwhelming support with a 99.6% approval rate amongst votes cast on the conversion proposal. This conversion represents the beginning of a new chapter, and we look forward to welcoming new shareholders as we focus on driving shareholder value in 2024 and beyond."

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 anticipated closing date, 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-unitholders-approve-conversion-to-a-c-corporation-302192548.html

SOURCE Calumet Specialty Products Partners, L.P.

FAQ

What is the new company structure for Calumet Specialty Products Partners?

Calumet Specialty Products Partners is converting from a Master Partnership (MLP) to a C-

What percentage of votes approved Calumet’s conversion to a C-?

99.6% of the votes cast were in favor of the conversion.

When will Calumet complete its conversion to a C-?

The conversion is expected to close on July 10, 2024.

When will Calumet start trading as a C- on Nasdaq?

Calumet will begin trading on Nasdaq as a C- on July 11, 2024.

What ticker symbol will Calumet use after the conversion?

Calumet will continue to use the ticker symbol 'CLMT' after the conversion.