Calumet Specialty Products Partners, L.P. Completes Conversion to a C-Corporation

Common Stock of Calumet, Inc. to Commence Trading on Nasdaq on Thursday, July 11

INDIANAPOLIS, July 10, 2024 /PRNewswire/ -- July 10, 2024 — Calumet Specialty Products Partners, L.P. (NASDAQ: CLMT) (the "Partnership," "Calumet," "we," "our" or "us"), announced today that it has completed 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 became shareholders of Calumet, Inc. ("New Calumet"). As previously announced, unitholders approved each proposal presented, including the Conversion, at the Partnership's special meeting of unitholders held on July 9, 2024. 

The 80,388,555 common units of the Partnership that were outstanding immediately before the Conversion were each exchanged for one share of common stock, par value $0.01 per share (the "Common Stock"), of New Calumet. Additionally, New Calumet issued 5,500,000 shares of Common Stock (alongside the elimination of 1,640,583 GP units) and 2,000,000 warrants to purchase shares of Common Stock at an exercise price of $20.00 per share, pursuant to the terms of the Conversion. The Common Stock will commence trading on Nasdaq on Thursday, July 11 under the ticker symbol "CLMT," which is the same symbol that the Partnership's common units traded under prior to the completion of the Conversion.

"The completion of the conversion to a C-Corporation is a major strategic milestone in the Calumet transformation," said Todd Borgmann, CEO. "This conversion is expected to meaningfully increase Calumet's shareholder base as many institutional investors and passive indices who were not able to invest in MLPs can now participate in Calumet at an exciting and pivotal time. Passive indices alone typically own 20% to 30% of peer C corps, and accessing this large group of capital is a material opportunity for Calumet.  With this major step now taken, we remain focused on our clear vision for Calumet's leading specialty products and renewables businesses and executing on the near-term transformational catalysts ahead of us."

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 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.

SOURCE Calumet Specialty Products Partners, L.P.