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.