Tailwater Capital and Directors Detail $37.9M Purchase in Summit Midstream

summarizeSummary

Tailwater Capital, a 10% owner and investment firm with board representation, detailed a $37.9 million open market purchase of Summit Midstream Corp shares, confirming its increased stake previously announced.

check_boxKey Events

• Significant Insider Purchase Detailed

  Connect Midstream, LLC, an affiliate of 10% owner Tailwater Capital and including Directors Jason H. Downie and Edward Herring, acquired 1,220,918 shares of common stock.

• Substantial Investment Confirmed

  The open market purchase totaled $37,946,131 at a price of $31.08 per share, representing a significant increase in their stake.

• Follows Prior Disclosures

  This Form 4 provides specific transaction details for the private placement previously disclosed in an 8-K filing on April 2nd and the increased beneficial ownership reported in a Schedule 13D/A on April 9th.

auto_awesomeAnalysis

This Form 4 provides specific transaction details for the significant open market purchase by Connect Midstream, LLC, an entity controlled by Tailwater Capital, which includes Directors Jason H. Downie and Edward Herring. The $37.9 million transaction, representing nearly 7% of Summit Midstream's market capitalization, confirms the private placement previously announced in an 8-K filing on April 2nd and the increased beneficial ownership reported in a Schedule 13D/A on April 9th. This substantial investment by a major institutional shareholder with board representation signals strong conviction in the company's prospects, providing granular detail on the previously disclosed capital infusion.