Cactus Announces Cadent Energy Partners’ Intention to Redeem CW Units and Distribute Shares

Representatives of Cadent Energy Partners II, L.P. ("Cadent”) have informed Cactus, Inc. (the "Company,” "Cactus,” "we,” and "our”) that Cadent will transfer units representing limited liability company interests ("CW Units”) in Cactus Wellhead, LLC, together with the same number of shares of the Company’s Class B common stock, to various Cadent-affiliated entities (the "Cadent Transfer”).

Following the Cadent Transfer, Cadent intends to redeem approximately 3.3 million CW Units in exchange for an equal number of shares of Class A common stock in the Company (the "Cadent Redemption”) and to distribute such shares of Class A common stock to its limited partners (the "Cadent Distribution”). In connection with the Cadent Redemption, 3.3 million CW Units and an equal number of shares of Class B common stock will be cancelled.

Following the Cadent Transfer, the Cadent Redemption and the Cadent Distribution, Cadent’s general partner and management group will retain ownership of approximately 1.0 million shares of our Class A and Class B common stock, representing a 1.3% voting interest in the Company.

The Company will receive no proceeds from the Cadent Transfer, the Cadent Redemption or the Cadent Distribution, and there will be no change in the combined number of voting shares of Cactus, Inc. outstanding. Following the Cadent Transfer, the Cadent Redemption and the Cadent Distribution, Cactus will have 58,035,145 shares of Class A common stock outstanding (representing 76.7% of the total voting power) and 17,665,021 shares of Class B common stock outstanding (representing 23.3% of the total voting power).

About Cactus, Inc.

Cactus designs, manufactures, sells and rents a range of highly engineered wellhead and pressure control equipment. Its products are sold and rented principally for onshore unconventional oil and gas wells and are utilized during the drilling, completion and production phases of its customers’ wells. In addition, it provides field services for all its products and rental items to assist with the installation, maintenance and handling of the wellhead and pressure control equipment. Cactus operates service centers in the United States, which are strategically located in the key oil and gas producing regions, including the Permian, SCOOP/STACK, Marcellus, Utica, Haynesville, Eagle Ford and Bakken, among other areas, and in Eastern Australia.

Cautionary Statement Concerning Forward-Looking Statements

Certain statements contained in this press release constitute "forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements, including statements regarding the number of CW Units to be redeemed and distributed in the Cadent Redemption and the Cadent Distribution, the timing thereof and the number of shares of the Company’s Class A common stock and Class B common stock outstanding following the transactions represent Cactus’ expectations or beliefs concerning future events, and it is possible that the results described in this press release will not be achieved. These forward-looking statements are subject to risks, uncertainties and other factors, many of which are outside of Cactus’ control, that could cause actual results to differ materially from the results discussed in the forward-looking statements. Any forward-looking statement speaks only as of the date on which it is made, and, except as required by law, Cactus does not undertake any obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210616005996/en/