STR Gets Shareholder OK: Merger and Compensation Approved; 131.2M Shares Present

Rhea-AI Filing Summary

Sitio Royalties Corp. reported that at a virtual special meeting a quorum of 131,216,171 shares of Sitio common stock entitled to vote were present or represented by proxy. Stockholders approved both the Merger Proposal and the Compensation Proposal by the affirmative vote of the number of shares required for each proposal.

The filing references Sitio's and Viper Energy's public SEC reports, including their Form 10-Ks for the year ended December 31, 2024, and subsequent Forms 10-Q and 8-K, which are available on the SEC website and the companies' investor sites. A Sitio press release dated August 18, 2025 and an Inline XBRL cover page are also noted. The form is signed on behalf of Sitio by Christopher L. Conoscenti, Chief Executive Officer.

Positive

• Shareholder approval obtained for both the Merger Proposal and the Compensation Proposal
• Large quorum with 131,216,171 shares present or represented, indicating strong shareholder participation
• Disclosure references to full Form 10-Ks and subsequent SEC filings for detailed information

Negative

• Filing lacks transaction economics — no deal price, consideration, or financial impact is provided in this excerpt
• No timeline provided for closing the merger or next procedural steps
• Limited substantive detail in this 8-K beyond meeting results and cross-references

Insights

Corporate Governance Expert

TL;DR: Stockholders approved the merger-related and compensation measures with a large virtual turnout, indicating governance approval of the transaction.

The disclosed quorum of 131,216,171 shares and affirmative votes for both the Merger and Compensation Proposals are material corporate actions that finalize shareholder consent required for a merger and associated compensation arrangements. The filing properly cross-references the companies' 2024 Form 10-Ks and subsequent periodic reports for fuller disclosure. The inclusion of an August 18, 2025 press release and Inline XBRL cover page indicates the company is meeting public-disclosure mechanics. For investors, the key takeaway is that shareholder approval milestones have been met; the filing does not provide deal economics, timelines, or post-merger governance details.

M&A Specialist

TL;DR: Shareholder approvals for merger and compensation clear a principal regulatory hurdle; transaction specifics are referenced but not restated here.

The filing confirms that requisite shareholder approvals were obtained at a virtual special meeting, which is a critical procedural step in completing an M&A transaction. The document cites public filings (Form 10-K, 10-Q, 8-K) for substantive terms and risk disclosures, so material deal terms and financial impacts must be sought in those referenced filings and the August 18, 2025 press release. This 8-K functions primarily as a procedural report rather than a source of transaction economics or integration plans.

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of report (Date of earliest event reported): August 18, 2025

SITIO ROYALTIES CORP.

(Exact name of registrant as specified in its charter)

Delaware		001-41585		88-4140242
(State or other jurisdiction of incorporation or organization)		(Commission File Number)		(I.R.S. Employer Identification No.)

1401 Lawrence Street, Suite 1750

Denver, Colorado 80202

(Address of principal executive office and Zip Code)

(720) 640-7620

(Registrant’s telephone number, including area code)

N/A

(Former Name or Former Address, If Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☒ Written communication pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communication pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communication pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class		Trading Symbol(s)		Name of each exchange on which registered
Class A common stock, par value $0.0001 per share		STR		New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Introductory Note

As previously disclosed in the Current Report on Form 8-K filed on June 3, 2025 by Sitio Royalties Corp., a Delaware corporation (“Sitio” or the “Company”), with the U.S. Securities and Exchange Commission (the “SEC”), the Company and Sitio Royalties Operating Partnership, LP, a Delaware limited partnership and a subsidiary of Sitio (“Sitio Opco”), entered into an Agreement and Plan of Merger, dated as of June 2, 2025 (the “Merger Agreement”), with Viper Energy, Inc., a Delaware corporation (“Viper”), Viper Energy Partners LLC, a Delaware limited liability company (“Viper Opco”), New Cobra Pubco, Inc., a Delaware corporation and a wholly owned subsidiary of Viper (“New Viper”), Cobra Merger Sub, Inc., a Delaware corporation and a wholly owned subsidiary of New Viper (“Viper Merger Sub”), and Scorpion Merger Sub, Inc., a Delaware corporation and wholly owned subsidiary of New Viper (“Sitio Merger Sub”), pursuant to which, among other things, Viper agreed to acquire the Company in an all-equity transaction through: (i) the merger (the “Viper Pubco Merger”) of Viper Merger Sub with and into Viper, with Viper continuing as the surviving corporation and a wholly owned subsidiary of New Viper, (ii) simultaneously with the Viper Pubco Merger, the merger of Sitio Merger Sub with and into Sitio, with Sitio continuing as the surviving corporation and a wholly owned subsidiary of New Viper (such merger, together with the Viper Pubco Merger, the “Pubco Mergers”), and (iii) immediately following the Pubco Mergers, the merger of Sitio Opco with and into Viper Opco, with Viper Opco continuing as the surviving entity (the “Opco Merger” and, together with the Pubco Mergers, the “Mergers”), in each case on the terms set forth in the Merger Agreement.

Item 5.07. Submission of Matters to a Vote of Security Holders.

On August 18, 2025, the Company held a special meeting of stockholders (the “Sitio Special Meeting”) to vote upon the following matters: (i) a proposal to approve and adopt the terms of the Merger Agreement and the transactions contemplated thereby (the “Merger Proposal”) and (ii) a proposal to approve, on a non-binding advisory basis, the compensation that may be paid or become payable to Sitio’s named executive officers that is based on or otherwise relates to the Mergers contemplated by the Merger Agreement (the “Compensation Proposal”).

As of the close of business on July 7, 2025, the record date for the Sitio Special Meeting, there were 77,579,174 shares of Sitio Class A common stock, par value $0.0001 per share, issued and outstanding and 73,367,602 shares of Sitio Class C common stock, par value $0.0001 per share, issued and outstanding (collectively, “Sitio Common Stock”). Each issued and outstanding share of Sitio Common Stock entitled its holder of record to one vote on each matter to be considered at the Sitio Special Meeting. The Merger Proposal required the affirmative vote of the holders of a majority of the outstanding shares of Sitio Common Stock entitled to vote. The Compensation Proposal, which was advisory and non-binding, required the affirmative vote of a majority of the shares of Sitio Common Stock present virtually or represented by proxy at the Sitio Special Meeting and entitled to vote. At the Sitio Special Meeting, 131,216,171 shares of Sitio Common Stock eligible to vote were present virtually during the Sitio Special Meeting or represented by proxy, constituting a quorum. At the Sitio Special Meeting, the Company’s stockholders approved the Merger Proposal and the Compensation Proposal by the affirmative vote of the number of shares of Sitio Common Stock required to approve such proposals.

The results of the Sitio stockholder votes taken at the Sitio Special Meeting, by proposal, were as follows:

Proposal 1 – Merger Proposal

For		Against		Abstentions		Broker Non-Votes
130,700,871		366,763		148,537		N/A

Proposal 2 – Compensation Proposal

For		Against		Abstentions		Broker Non-Votes
113,188,417		17,420,368		607,386		N/A

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Item 7.01 Regulation FD Disclosure.

On August 18, 2025, the Company issued a press release announcing the results of the Sitio Special Meeting. A copy of the press release is furnished as Exhibit 99.1 and incorporated by reference herein.

The information in this Item 7.01, including Exhibit 99.1 to this Current Report on Form 8-K, is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.

Forward-Looking Statements

This communication relates to a proposed business combination transaction between Viper and Sitio and the information included herein includes forward-looking statements within the meaning of the federal securities laws, which involve certain risks, uncertainties and assumptions that could cause the results to differ materially from such statements. All statements, other than historical facts, that address activities that Viper or Sitio assumes, plans, expects, believes, intends or anticipates (and other similar expressions) will, should or may occur in the future, or statements regarding the proposed Mergers, the likelihood that the conditions to the consummation of the Mergers will be satisfied on a timely basis or at all, Viper’s and Sitio’s ability to consummate the Mergers at any time or at all, the benefits of the Mergers and the post-combination company’s future financial performance following the Mergers, the post-combination company’s strategy, future operations, financial position, estimated revenues, and losses, projected costs, prospects, plans and objectives of management, are forward-looking statements. When used herein, the words “may,” “could,” “believe,” “anticipate,” “intend,” “estimate,” “expect,” “project” and similar expressions and the negative of such words and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. The forward-looking statements are based on Viper’s and Sitio’s management’s current beliefs, based on currently available information, as to the outcome and timing of future events.

Factors that could cause the outcomes to differ materially include (but are not limited to) the following: risks related to the timing of the closing of the Mergers, including the risk that the conditions to the Mergers are not satisfied on a timely basis or at all or the failure of the Mergers to close for any other reason or to close on the anticipated terms, including the anticipated tax treatment; the risk that any regulatory approval, consent or authorization that may be required for the Mergers is not obtained or is obtained subject to conditions that are not anticipated; the post-combination company’s ability to successfully integrate Sitio’s and Viper’s businesses and technologies; the risk that the expected benefits and synergies of the Mergers may not be fully achieved in a timely manner, or at all; the risk that Sitio or Viper will not, or that following the Mergers, the post-combination company will not, be able to retain and hire key personnel; unanticipated difficulties or expenditures relating to the Mergers, the response of business partners and retention as a result of the announcement and pendency of the Mergers; Viper’s ability to finance the combined company on acceptable terms or at all; uncertainty as to the long-term value of the post-combination company’s common stock; the diversion of Sitio’s and Viper’s management’s time on transaction-related matters; and those risks described in Viper’s periodic filings with the SEC, including in Item 1A of Viper’s Annual Report on Form 10-K for the year ended December 31, 2024, filed with the SEC on February 26, 2025, subsequent Forms 10-Q and 8-K and other filings Viper makes with the SEC, which can be obtained free of charge on the SEC’s website at http://www.sec.gov and Viper’s website at https://www.viperenergy.com/investors/overview, and in Sitio’s periodic filings with the SEC, including in Item 1A of Sitio’s Annual Report on Form 10-K for the year ended December 31, 2024, filed with the SEC on February 26, 2025, subsequent Forms 10-Q and 8-K and other filings Sitio makes with the SEC, which can be obtained free of charge on the SEC’s website at http://www.sec.gov and Sitio’s website at investors.sitio.com.

In light of these factors, the events anticipated by Viper’s and Sitio’s forward-looking statements may not occur at the time anticipated or at all. Moreover, Viper and Sitio conduct their businesses in a very competitive and rapidly changing environment and new risks emerge from time to time. Viper and Sitio cannot predict all risks, nor can they assess the impact of all factors on their businesses or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those anticipated by any forward-looking statements they may make. Accordingly, you should not place undue reliance on any forward-looking statements. All forward-looking statements speak only as of the date of this communication or, if earlier, as of the date they were made. Viper and Sitio do not intend to, and disclaim any obligation to, update or revise any forward-looking statements unless required by applicable law.

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No Offer

This communication is for informational purposes only and does not constitute an offer to sell any securities pursuant to the Mergers or otherwise, nor shall there be any sale of securities in any jurisdiction in which such offer or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act.

Additional Information and Where to Find It

In connection with the Mergers, New Parent filed with the SEC a registration statement on Form S-4, which includes a proxy statement of Sitio, an information statement of Viper and a prospectus of New Parent and was declared effective by the SEC on July 18, 2025. Viper, Sitio and New Parent may also file other documents with the SEC regarding the Mergers. A definitive joint information statement/proxy statement/prospectus was first mailed to the stockholders of Viper and Sitio on or about July 18, 2025. This communication is not a substitute for the registration statement and joint information statement/proxy statement/prospectus filed with the SEC or any other documents that Viper, Sitio or New Parent may file with the SEC or send to stockholders of Viper or Sitio in connection with the Mergers. INVESTORS AND STOCKHOLDERS OF SITIO AND VIPER ARE URGED TO READ THE REGISTRATION STATEMENT AND JOINT INFORMATION STATEMENT/PROXY STATEMENT/PROSPECTUS AND ALL OTHER RELEVANT DOCUMENTS THAT ARE FILED OR WILL BE FILED WITH THE SEC, AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS TO THESE DOCUMENTS, CAREFULLY AND IN THEIR ENTIRETY BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE MERGERS AND RELATED MATTERS.

Investors and stockholders will be able to obtain free copies of the registration statement and the joint information statement/proxy statement/prospectus (when available) and all other documents filed or that will be filed with the SEC by Viper, Sitio or New Parent, through the website maintained by the SEC at http://www.sec.gov.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits

Exhibit Number		Description
99.1*		Press Release of Sitio Royalties Corp. dated August 18, 2025.
104		Cover Page Interactive Data File (embedded within the Inline XBRL document).

* Filed herewith.

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

SITIO ROYALTIES CORP.
By:		/s/ Christopher L. Conoscenti
Name:		Christopher L. Conoscenti
Title:		Chief Executive Officer

Dated: August 18, 2025

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FAQ

Did Sitio Royalties Corp. (STR) obtain shareholder approval for the merger?

Yes. The filing states that shareholders approved the Merger Proposal by the affirmative vote required.

How many shares formed the quorum at Sitio's special meeting?

A quorum was constituted by 131,216,171 shares of Sitio common stock present virtually or represented by proxy.

Was a Compensation Proposal approved at the Sitio special meeting?

Yes. The filing confirms the Compensation Proposal was approved by the number of shares required to pass it.

Where can I find more details about the merger and financial effects for STR?

The filing directs readers to Sitio's and Viper Energy's public SEC filings, including their Form 10-Ks for the year ended December 31, 2024 and subsequent Forms 10-Q and 8-K, available on the SEC website and the companies' investor sites.

Is there a press release related to this event?

Yes. The filing references a Sitio press release dated August 18, 2025.