Selling Unitholders Complete $117.45M Secondary Offering; CEO Buys $2.0M in Units

summarizeSummary

Selling unitholders completed a $117.45 million secondary offering of 9 million common units, with CEO Tom L. Ward purchasing $2.0 million in units.

check_boxKey Events

• Secondary Offering Completed

  Selling unitholders sold 9,000,000 common units at a public offering price of $13.05 per unit, totaling $117.45 million. The company did not receive any proceeds from this offering.

• CEO Insider Purchase

  CEO Tom L. Ward, through affiliated entities, purchased 153,256 common units in the offering for approximately $2.0 million, demonstrating insider confidence.

• Underwriter Option Granted

  The underwriter was granted a 30-day option to purchase up to an additional 1,350,000 common units from the selling unitholders.

• Lock-Up Period Established

  The company, general partner, and certain unitholders, officers, and directors are subject to a 45-day lock-up period following the public offering.

auto_awesomeAnalysis

This 8-K filing formalizes the details of the secondary public offering by selling unitholders, which was previously launched on April 6, 2026, and priced on April 7, 2026. The underwriting agreement, entered into on April 6, confirms the sale of 9 million common units at $13.05 per unit, totaling $117.45 million, with the offering closing on April 8, 2026. The company did not receive any proceeds from this offering. Notably, CEO Tom L. Ward, through affiliated entities, purchased 153,256 common units for approximately $2.0 million as part of this offering, providing a positive counter-signal to the dilutive effect of the secondary offering.