Calumet Specialty Products Partners, L.P. announced that its unitholders voted to approve the previously announced conversion of its structure from a master limited partnership to a C-Corporation. Following the Conversion, unitholders of the Partnership will become shareholders of Calumet, Inc.
At the special meeting of unitholders held on July 9, 2024, over 99 percent of the votes cast were in favour of the Conversion. Additionally, unitholders approved all other proposals presented at the meeting. The Partnership plans to file the full results of the 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. The common stock of New Calumet, with a par value of $0.01 per share, is expected to commence trading on Nasdaq on Thursday, July 11 under the ticker symbol “CLMT,” the same symbol under which the Partnership’s common units previously traded.
Todd Borgmann, CEO, expressed his gratitude, stating, “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. A tremendous amount of effort went into this transaction, and our investors displayed overwhelming support with a 99.6 percent approval rate among 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.”
For more information visit www.calumet.com
