Select Water Solutions Announces Public Offering of Common Stock

Rhea-AI Summary

Select Water Solutions (NYSE: WTTR) announced a proposed underwritten public offering of $175.0 million of Class A common stock, with a 30-day underwriter option to purchase up to $26.25 million additional shares. The offering will be made pursuant to an effective Form S-3 shelf registration.

Net proceeds are intended for general corporate purposes, including water infrastructure growth capital projects, potential acquisitions, or debt repayment under the company's sustainability-linked credit facility. J.P. Morgan Securities and BofA Securities are lead book-running managers.

Positive

• Raises $175.0 million capital for growth and balance-sheet uses
• Includes $26.25 million underwriter option to expand proceeds
• Proceeds may repay sustainability-linked debt, reducing leverage risk
• Offering on an effective Form S-3 shelf increases execution flexibility

Negative

• Issuance will dilute existing shareholders depending on offering size
• Completion is subject to market conditions and not guaranteed
• Potential share overhang could pressure near-term stock performance

Key Figures

Offering size: $175.0 million Underwriter option: $26.25 million Par value: $0.01 per share +2 more

5 metrics

Offering size $175.0 million Underwritten public Class A common stock offering

Underwriter option $26.25 million 30-day option for additional Class A shares

Par value $0.01 per share Class A common stock par value

Option period 30 days Underwriters’ option to purchase additional shares

Last sale price $13.26 per share Prospectus reference price on Feb 17, 2026

Market Reality Check

Price: $14.22 Vol: Volume 853,953 vs 20-day ...

normal vol

$14.22 Last Close

Volume Volume 853,953 vs 20-day average 1,019,420 (relative volume 0.84) ahead of the offering news. normal

Technical Shares at $14.41, trading above 200-day MA of $10.04 and about 6.73% below the 52-week high.

Peers on Argus

WTTR was down 1.04% while peers were mixed: EFXT -0.41%, INVX -0.36%, VTOL -0.56...

WTTR was down 1.04% while peers were mixed: EFXT -0.41%, INVX -0.36%, VTOL -0.56%, RES +0.85%, MRC +10.59%, indicating a stock-specific move around the offering.

Historical Context

5 past events · Latest: Feb 17 (Neutral)

Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
Feb 17	Earnings results	Neutral	+3.4%	Full-year 2025 results with stable Adjusted EBITDA and infrastructure focus.
Feb 09	Strategic partnership	Positive	+0.5%	Lithium carbonate production agreement leveraging existing water treatment sites.
Feb 02	Conference call plan	Neutral	+2.6%	Announcement of Q4 and full-year earnings release and call schedule.
Jan 22	Dividend declaration	Positive	-0.7%	Quarterly cash dividend of $0.07 per share and comparable SES distribution.
Nov 04	Earnings results	Neutral	-1.7%	Q3 2025 revenue, cash flow, and expanded Permian contracts with raised capex.

Pattern Detected

Recent news (earnings, strategic projects, conference schedules) has often seen modest positive price reactions, but the stock has occasionally dipped on dividends and mixed earnings updates.

Recent Company History

Over the last few months, WTTR has reported multiple operational and financial milestones. Full-year 2025 results on Feb 17, 2026 showed solid Adjusted EBITDA and drove a 3.43% gain. A lithium carbonate JV announcement on Feb 9, 2026 and earnings call scheduling on Feb 2, 2026 also saw positive moves. A quarterly dividend announcement on Jan 22, 2026 and Q3 2025 results in Nov 2025 were followed by slight declines, showing that shareholder-friendly or growth-heavy updates have not always translated into immediate gains. Today’s equity offering follows this active capital deployment period.

Regulatory & Risk Context

Active S-3 Shelf

Shelf Active

Active S-3 Shelf Registration 2026-02-19

An effective S-3ASR shelf registration filed on Feb 19, 2026 allows WTTR to issue Class A common stock, preferred stock, depositary shares and warrants from time to time for general corporate purposes, with specific terms detailed in future prospectus supplements.

Market Pulse Summary

This announcement details an underwritten public offering of $175.0 million in Class A common stock,...

Analysis

This announcement details an underwritten public offering of $175.0 million in Class A common stock, plus a 30-day option for underwriters to buy up to $26.25 million more. Proceeds are earmarked for general corporate purposes, including water infrastructure growth, acquisitions, or credit facility repayment, following recent earnings, capital plans, and a new shelf registration. Investors may focus on how the added equity fits alongside recent infrastructure expansion and prior capital allocation disclosures.

Key Terms

underwritten public offering, shelf registration statement, form s-3, prospectus supplement, +4 more

8 terms

underwritten public offering financial

"today announced the commencement of an underwritten public offering of $175.0 million"

An underwritten public offering is when a company sells new shares of its stock to the public with the help of a financial firm, called an underwriter. The underwriter agrees to buy all the shares upfront, reducing the company's risk, and then sells them to investors. This process helps companies raise money quickly and confidently from a wide range of buyers.

shelf registration statement regulatory

"pursuant to an effective shelf registration statement on Form S-3 (the "Registration Statement")"

A shelf registration statement is a document a company files with regulators that allows it to sell shares or bonds quickly when it’s a good time to raise money. It’s like having a pre-approved plan ready so the company can act fast without going through lengthy paperwork each time they want to sell, making fundraising more flexible.

form s-3 regulatory

"pursuant to an effective shelf registration statement on Form S-3 (the "Registration Statement")"

Form S-3 is a legal document companies use to register their stock sales with the government, making it easier and faster for them to raise money by selling shares to investors. It’s like having a pre-approved shopping list that lets a company quickly sell new shares when they need funds, without going through a lengthy approval process each time.

prospectus supplement regulatory

"The proposed offering will be made only by means of a prospectus and a prospectus supplement."

A prospectus supplement is an additional document provided alongside a company's main offering details, offering updated or extra information about a specific financial product being sold. It helps investors understand the latest terms, risks, and details of the investment, similar to how an update or revision clarifies or expands on original instructions, ensuring they have current and complete information before making a decision.

rule 10b5-1 trading plan regulatory

"sold 16,841 and 33,916 shares, respectively, ... under a pre-arranged Rule 10b5-1 trading plan"

A Rule 10b5-1 trading plan is a pre-arranged schedule that allows company insiders to buy or sell stock at specific times, even if they have inside information. It helps prevent accusations of unfair trading by making these transactions look planned and transparent, rather than sneaky or illegal.

sustainability-linked credit facility financial

"or debt repayment under the Company's sustainability-linked credit facility."

A sustainability-linked credit facility is a loan arranged so the borrower’s interest rate or other loan terms improve if the company meets agreed environmental, social or governance targets, and worsen if it misses them. Like a mortgage that lowers your rate when you reach energy-efficiency goals, it financially rewards measurable sustainability progress and matters to investors because it can lower borrowing costs, signal management’s priorities and affect future cash flow and credit risk.

preferred stock financial

"to register Class A common stock, preferred stock, depositary shares and warrants"

Preferred stock is a type of ownership in a company that typically offers investors higher and more consistent dividend payments than common stock. Unlike regular shares, preferred stock usually doesn’t come with voting rights but provides a priority claim on the company’s assets and profits, making it a more stable and predictable investment option. This makes preferred stock attractive to those seeking steady income with lower risk.

warrants financial

"to register Class A common stock, preferred stock, depositary shares and warrants for sale"

Warrants are special documents that give you the right to buy a company's stock at a set price before a certain date. They are often used as a way for companies to attract investors or raise money, and their value can increase if the company's stock price goes up.

AI-generated analysis. Not financial advice.

GAINESVILLE, Texas, Feb. 19, 2026 /PRNewswire/ -- Select Water Solutions, Inc. (NYSE: WTTR) ("Select," the "Company," "we," "our" or "us"), today announced the commencement of an underwritten public offering of $175.0 million of its Class A common stock, par value $0.01 per share ("Class A Common Stock"), pursuant to an effective shelf registration statement on Form S-3 (the "Registration Statement") filed with the U.S. Securities and Exchange Commission (the "SEC").

The Company intends to use the net proceeds it receives from the offering for general corporate purposes, including water infrastructure growth capital projects, potential acquisitions or debt repayment under the Company's sustainability-linked credit facility.

The Company expects to grant the underwriters a 30-day option to purchase up to $26.25 million of additional shares of Class A Common Stock at the public offering price, less the underwriting discounts and commissions.

J.P. Morgan Securities LLC and BofA Securities are serving as lead book-running managers for the offering. The offering is subject to market and other conditions, and there can be no assurance as to whether or when the offering may be completed, or as to the actual size or terms of the offering.

The proposed offering will be made only by means of a prospectus and a prospectus supplement. Copies of the preliminary prospectus supplement and accompanying base prospectus related to the offering and final prospectus supplement, when available, may be obtained from J.P. Morgan Securities LLC, by mail at c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, New York 11717 or by emailing prospectus-eq_fi@jpmchase.com and postsalemanualrequests@broadridge.com, from BofA Securities, by mail at NC1-022-02-25, 201 North Tryon Street, Charlotte, NC 28255-0001, Attn: Prospectus Department or by emailing dg.prospectus_requests@bofa.com, or by accessing the SEC's website at www.sec.gov.

The offering is being conducted pursuant to the Registration Statement, previously filed with the SEC on February 19, 2026 that became effective upon filing, and corresponding prospectus. A preliminary prospectus supplement thereto has been filed with the SEC. This press release shall not constitute an offer to sell or the solicitation of an offer to buy the shares of Class A Common Stock or any other securities, nor shall there be any sale of such shares of Class A Common Stock or any other securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or other jurisdiction.

About Select Water Solutions, Inc.

Select is a leading provider of sustainable water and chemical solutions to the energy industry. These solutions are supported by the Company's critical water infrastructure assets, chemical manufacturing and water treatment and recycling capabilities.

Cautionary Statement Regarding Forward-Looking Statements

All statements in this communication other than statements of historical facts are forward-looking statements which contain our current expectations about our future results. We have attempted to identify any forward-looking statements by using words such as "could," "believe," "anticipate," "expect," "intend," "project," "will," "estimates," "preliminary," "forecast" and other similar expressions. Examples of forward-looking statements include, but are not limited to, statements regarding the proposed offering of Class A common stock and the use of proceeds therefrom. Although we believe that the expectations reflected, and the assumptions or bases underlying our forward-looking statements are reasonable, we can give no assurance that such expectations will prove to be correct. Such statements are not guarantees of future performance or events and are subject to known and unknown risks and uncertainties that could cause our actual results, events or financial positions to differ materially from those included within or implied by such forward-looking statements. These risks and uncertainties include the risks and other factors discussed or referenced in the "Risk Factors" section of our most recent Annual Report on Form 10-K and those set forth from time to time in our other filings with the SEC. Investors should not place undue reliance on our forward-looking statements. Any forward-looking statement speaks only as of the date on which such statement is made, and we undertake no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events, changed circumstances or otherwise, unless required by law.

Contacts:	Select Water Solutions, Inc.
	Garrett Williams – VP, Corporate Finance & Investor Relations
	(713) 296-1010
	IR@selectwater.com
	Dennard Lascar Investor Relations
	Ken Dennard / Natalie Hairston
	(713) 529-6600
	WTTR@dennardlascar.com

View original content:https://www.prnewswire.com/news-releases/select-water-solutions-announces-public-offering-of-common-stock-302693088.html

SOURCE Select Water Solutions, Inc.

FAQ

How much capital is Select Water Solutions (WTTR) offering in February 2026?

Select is offering $175.0 million of Class A common stock, with an additional $26.25 million option. According to the company, the sale is being made under an effective Form S-3 shelf registration and includes a 30-day underwriter option.

What will Select Water Solutions (WTTR) use the offering proceeds for?

The company plans to use proceeds for general corporate purposes, including growth projects and debt repayment. According to the company, intended uses include water infrastructure capital projects, potential acquisitions, or repayment under its sustainability-linked credit facility.

Who are the lead underwriters for Select Water Solutions (WTTR) public offering?

J.P. Morgan Securities and BofA Securities are serving as lead book-running managers for the offering. According to the company, prospectus materials and supplements will be available through those firms and the SEC website.

Will the Select Water Solutions (WTTR) offering definitely occur as announced?

No — the offering is subject to market and other conditions and may not proceed. According to the company, there is no assurance as to whether, when, or on what terms the offering may be completed.

How could the WTTR offering affect existing shareholders?

Existing shareholders may experience dilution if new shares are issued, lowering ownership percentages. According to the company, dilution depends on the final offering size and whether the underwriter option is exercised within 30 days.

Where can investors obtain Select Water Solutions (WTTR) prospectus documents?

Prospectus and supplements are available from J.P. Morgan, BofA Securities, or the SEC website. According to the company, copies can be requested from the lead managers or accessed at www.sec.gov.