Cardinal Infrastructure Group Inc.

Cardinal Infrastructure Group Inc. was formed on June 12, 2025, and completed its initial public offering (IPO) on December 11, 2025. In the IPO, the company sold 11,500,000 shares of Class A Common Stock at $21.00 per share. On December 12, 2025, an additional 1,725,000 shares of Class A Common Stock were sold at $21.00 per share due to the underwriters' option being fully exercised. The total gross proceeds from the IPO, including the additional shares, were approximately $277.7 million before deducting underwriting discounts and offering expenses. The net proceeds from the IPO, approximately $258.3 million, were used to purchase 14,943,750 newly issued limited liability company units (LLC Units) from Cardinal, making Cardinal Infrastructure Group Inc. the sole managing member of Cardinal. In connection with the IPO, 23,387,813 shares of Class B Common Stock were issued to the equity holders of Cardinal (Continuing Equity Holders) for nominal consideration, matching the number of LLC Units they held. Before the IPO, all business operations were conducted through Cardinal Civil Contracting, LLC (Cardinal NC). As part of the IPO, the company underwent a Reorganization to restructure its organization. This involved recapitalizing and reorganizing Cardinal and Cardinal NC, resulting in minority equity holders of Cardinal NC's non-wholly owned subsidiaries becoming equity holders of Cardinal NC, and those subsidiaries becoming wholly owned by Cardinal NC. Additionally, members of Cardinal NC became members of Cardinal, and Cardinal NC became a wholly owned subsidiary of Cardinal. The Cardinal operating agreement was also amended and restated to recapitalize all existing ownership interests in Cardinal NC.