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