Atlas Energy Solutions Inc. Completes Previously Announced Up-C Simplification
03 Octobre 2023 - 12:21AM
Business Wire
Atlas Energy Solutions Inc. (NYSE: AESI) (“Atlas” or the
“Company”) today announced the closing of the previously announced
corporate reorganization transaction (the “Up-C Simplification”).
As the result of the Up-C Simplification, the Company begins
trading tomorrow under the same ticker (NYSE: AESI) and the same
name (Atlas Energy Solutions Inc.) under a new single class of
common stock. The previous dual class structure has been
eliminated.
Bud Brigham, Chairman & CEO, commented, “Today is an
important step for Atlas, as we simplify our corporate structure.
We are optimistic that our simpler, more efficient corporate
structure will enable us to broaden our investor base.”
About Atlas Energy Solutions
Our company was founded in 2017 by long-time E&P operators
and led by Bud Brigham. Our experience as E&P operators,
combined with our unique asset base and focus on using technology
to deliver novel solutions to our customers’ toughest challenges
and mission-critical needs differentiates us as the proppant and
logistics provider of choice in the Permian Basin.
Atlas is a leader in the proppant and proppant logistics
industry and is currently solely focused on serving customers in
the Permian Basin of West Texas and New Mexico, the most active oil
and natural gas producing regions in North America. Our Kermit, TX
and Monahans, TX facilities are strategically located and
specifically designed to maximize reliability of supply and product
quality, and our deployment of trucking assets and the Dune Express
is expected to drive significant logistics efficiencies.
Our core mission is to maximize value for our stockholders by
generating strong cash flow and allocating our capital resources
efficiently, including providing a regular and durable return of
capital to our investors through industry cycles. Further, we
recognize that our long-term profitability is maximized in being
good stewards of the environments and communities in which we
operate. In our pursuit of this mission, we work to improve the
processes involved in the development of hydrocarbons, which we
believe will ultimately contribute to providing individuals with
access to the energy they need to sustain or improve their quality
of life in a clean, safe, and efficient manner. We take great pride
in contributing positively to the development of the hydrocarbons
that power our lives.
Cautionary Statement Regarding Forward-Looking
Statements
This press release contains forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933, as
amended (the “Securities Act”), and Section 21E of the Securities
Exchange Act of 1934, as amended (the “Exchange Act”). Statements
that are predictive or prospective in nature, that depend upon or
refer to future events or conditions or that include the words
“may,” “assume,” “forecast,” “position,” “strategy,” “potential,”
“continue,” “could,” “will,” “plan,” “project,” “budget,”
“predict,” “pursue,” “target,” “seek,” “objective,” “believe,”
“expect,” “anticipate,” “intend,” “estimate” and other expressions
that are predictions of or indicate future events and trends and
that do not relate to historical matters identify forward-looking
statements. Examples of forward-looking statements include, but are
not limited to, statements about our business strategy, our
industry, our future operations and profitability, expected capital
expenditures and the impact of such expenditures on our
performance, statements about the Up-C Simplification, including
its consequences and the anticipated benefits of the Up-C
Simplification to the Company, statements about our financial
position, production, revenues and losses, our capital programs,
management changes, current and potential future long-term
contracts and our future business and financial performance.
Although forward-looking statements reflect our good faith beliefs
at the time they are made, we caution you that these
forward-looking statements are subject to a number of risks and
uncertainties, most of which are difficult to predict and many of
which are beyond our control. These risks include but are not
limited to: commodity price volatility stemming from the ongoing
war in Ukraine; adverse developments affecting the financial
services industry; our ability to complete growth projects,
including the Dune Express, on time and on budget; the possibility
that the closing conditions of the MRA may not be satisfied or
waived, including that a governmental entity may prohibit, delay or
refuse to grant a necessary regulatory approval; the risk that
stockholder litigation in connection with the Up-C Simplification
may result in significant costs of defense, indemnification and
liability; changes in general economic, business and political
conditions, including changes in the financial markets; transaction
costs; diversion of management’s time and attention in connection
with the corporate reorganization transactions; actions of OPEC+ to
set and maintain oil production levels; the level of production of
crude oil, natural gas and other hydrocarbons and the resultant
market prices of crude oil; inflation; environmental risks;
operating risks; regulatory changes; lack of demand; market share
growth; the uncertainty inherent in projecting future rates of
reserves; production; cash flow; access to capital; the timing of
development expenditures; and other factors discussed or referenced
in our filings made from time to time with the SEC, including those
discussed under the heading “Risk Factors” in our prospectus, dated
September 11, 2023, filed with the SEC pursuant to Rule 424(b)
under the Securities Act on September 12, 2023 in connection with
our Up-C Simplification, and any subsequently filed Quarterly
Reports on Form 10-Q and Current Reports on Form 8-K. Readers are
cautioned not to place undue reliance on forward-looking
statements, which speak only as of the date hereof. Factors or
events that could cause our actual results to differ may emerge
from time to time, and it is not possible for us to predict all of
them. We undertake no obligation to publicly update or revise any
forward-looking statement, whether as a result of new information,
future developments or otherwise, except as may be required by
law.
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version on businesswire.com: https://www.businesswire.com/news/home/20231002047995/en/
Kyle Turlington T: 512-220-1200 IR@atlas.energy
New Atlas Holdco (NYSE:AESI)
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