WILLOW
PARK, Texas, Nov. 1, 2022
/PRNewswire/ -- ProFrac Holding Corp. (NASDAQ: PFHC) ("ProFrac" or
the "Company") today announced that its Class A Common Stock will
begin trading on NASDAQ under the ticker symbol "ACDC" prior to
market open on November 2, 2022. This
will replace the Company's current ticker symbol, "PFHC," which has
been used since its initial public offering in May 2022. No action by the Company's shareholders
is required with respect to the ticker symbol change. The Company's
Class A Common Stock will continue to be listed on NASDAQ and its
CUSIP number will remain unchanged.
Matt Wilks, ProFrac's Executive
Chairman, commented, "Our acquisition of U.S. Well Services
announced earlier today solidifies ProFrac's position as the
industry leader in electric hydraulic fracturing, which we believe
represents the future of the industry. By changing our ticker
symbol to "ACDC," we want to commemorate our market leadership so
investors can recognize that we own the industry's leading
intellectual property portfolio that gave rise to electric frac
technology with the market's first e-fleet deployment in 2014,
which includes over 110 patents. Importantly, our ESG strategy will
be greatly enhanced by reducing fuel costs and minimizing our
emissions footprint. In today's environment, we believe electric
frac fleets provide improved efficiency, lower R&M costs,
greater value, and a lower overall cost of completion to our
customer. We believe this a true win-win scenario for us, our
investors, our customers, the environment and the communities in
which we operate."
About ProFrac Holding
Corp.
ProFrac Holding Corp. is a growth-oriented, vertically
integrated and innovation-driven energy services company providing
hydraulic fracturing, completion services and other complementary
products and services to leading upstream oil and gas companies
engaged in the exploration and production ("E&P") of North
American unconventional oil and natural gas resources. Founded in
2016, ProFrac was built to be the go-to service provider for
E&P companies' most demanding hydraulic fracturing needs.
ProFrac is a market leader in electric pressure pumping and is
focused on employing new technologies to significantly reduce
"greenhouse gas" emissions and increase efficiency in what has
historically been an emissions-intensive component of the
unconventional E&P development process. For more information,
please visit the ProFrac's website at www.pfholdingscorp.com.
Cautionary Statement Regarding
Forward-Looking Statements
Certain statements in this press release may be considered
"forward-looking statements" within the meaning of the "safe
harbor" provisions of the Private Securities Litigation Reform Act
of 1995. In some cases, the reader can identify forward-looking
statements by words such as "may," "should," "expect," "intend,"
"will," "estimate," "anticipate," "believe," "predict," or similar
words. Forward-looking statements relate to future events or
ProFrac's future financial or operating performance. These
forward-looking statements include, among other things, statements
regarding the anticipated services to be offered by the combined
company following ProFrac's acquisition of U.S. Well Services,
Inc., and the expected benefits of the acquisition, including any
resulting synergies, competitive advantages, increased value,
improved efficiency, cost savings including fuel cost savings,
access to and rights in acquired intellectual property, emissions
minimization and other expected advantages of the transaction. Such
forward-looking statements are based upon assumptions made by
ProFrac as of the date hereof and are subject to risks,
uncertainties, and other factors that could cause actual results to
differ materially from those expressed or implied by such
forward-looking statements. Factors that may cause actual results
to differ materially from current expectations include, but are not
limited to, the effect of the transaction on ProFrac's business
relationships, performance, and business generally, risks that
the transaction disrupts current plans of ProFrac or causes
difficulties in employee retention, the impact of the transaction
on the price of ProFrac's securities, the ability to implement
business plans, forecasts, and other expectations after the
completion of the transaction, the ability to integrate acquired
assets and personnel into ProFrac's existing business model and
realize the expected value of resulting operational synergies, the
ability to successfully and sustainably execute on current business
strategies and plans for growth, and other risks and uncertainties
set forth in the section entitled "Risk Factors" in the proxy
statement/information statement/prospectus relating to the
transaction (File No. 333-267168) on Form S-4 that
was filed with the Securities and Exchange Commission (the "SEC")
on September 22, 2022, and in
ProFrac's other filings with the SEC, which are available on the
SEC's website at www.sec.gov. The foregoing list of factors is not
exhaustive. There may be additional risks that ProFrac does not
presently know or that ProFrac currently believes are immaterial
that could also cause actual results to differ from those contained
in the forward-looking statements.
Nothing in this press release should be regarded as a
representation by any person that the forward-looking statements
set forth herein will be achieved or that any of the contemplated
results of such forward looking statements will be achieved,
including without limitation any expectations about ProFrac's
operational and financial performance or achievements.
Forward-looking statements speak only as of the date they are made.
Readers are cautioned not to put undue reliance on forward-looking
statements, and ProFrac assumes no obligation and, except as
required by law, does not intend to update or revise these
forward-looking statements, whether as a result of new information,
future events, or otherwise.
Contacts:
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ProFrac Holding
Corp.
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Lance Turner – Chief
Financial Officer
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investors@profrac.com
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Dennard Lascar Investor
Relations
|
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Ken Dennard / Rick
Black
|
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PFHC@dennardlascar.com
|
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SOURCE ProFrac Holding Corp.