KLX Energy files to sell $75M of common stock 16:3505/1405/14/21
|Over a month ago|
KLX Energy reports Q4 EPS ($3.69), one estimate ($3.14) » 16:1904/1404/14/21
Reports Q4 revenue…
Reports Q4 revenue $86.8M, one estimate $78.95M. CEO Chris Baker stated, "Despite the overhanging issues brought about by COVID-19, we saw broad-based macroeconomic improvement that benefited all our business lines in our fiscal fourth quarter, and this is directly reflected in our financial results. Q4 revenues were up approximately 22% sequentially to $87M and Adjusted EBITDA improved approximately $3M. I'm also pleased to report that following the QES merger, the integration of our operations was successfully completed ahead of schedule (...) As part of the integration process, during Q3, we identified additional cost savings and have now fully realized a total of $46.0M in projected savings, approximately six months ahead of schedule. I'm very proud of the team and would like to thank the tireless efforts of our employees in bringing the integration to a successful conclusion".
|Over a quarter ago|
Nine new option listings and thirteen option delistings on January 19th » 08:3001/1901/19/21
CRC, GMBL, GMDA, JWS, LESL, PCPL, THBR, CXO, DFODQ, EFOI, FCAU, HSTO, KLXE, LRMR, SHLDQ, TAOP, TLGT
New option listings for…
New option listings for January 19th include Global X CyberSecurity ETF (BUG), California Resources Corporation (CRC), Esports Entertainment Group Inc (GMBL), Gamida Cell Ltd (GMDA), Jaws Acquisition Corp (Class A Stock) (JWS), Leslies Inc (LESL), CC Neuberger Principal Holdings I (Class A Stock) (PCPL), Stellantis NV (STLA), and Thunder Bridge Acquisition II Ltd (Class A Stock) (THBR). Option delistings effective January 19th include Achaogen Inc (AKAOQ), Briggs and Stratton Corp (BGGSQ), Concho Resources Inc (CXO), Dean Foods Company New (DFODQ), Energy Focus (EFOI), Fiat Chrysler Automobiles NV (FCAU), Histogen (HSTO), KLX Energy Services (KLXE), Larimar Therapeutics (LRMR), Seadrill Ltd (SDRLF), Sears Holdings Corporation (SHLDQ), Taoping (TAOP), and Teligent (TLGT).
KLX Energy, Quintana Energy Services complete merger » 09:1407/2807/28/20
KLX Energy Services…
KLX Energy Services Holdings (KLXE) and Quintana Energy Services (QES) have successfully completed the all-stock merger transaction that was announced on May 3, 2020. The combined company will continue under the name KLX Energy Services Holdings, Inc. In conjunction with the closing of the merger, QES shares ceased trading on the New York Stock Exchange prior to the market open on July 28, 2020, and KLXE remains listed on the Nasdaq Global Select Market under the symbol "KLXE." At the time of the closing, the holders of QES received 0.0969 shares of KLXE common stock in exchange for each share of QES common stock held. On July 26, 2020, the Company's Board of Directors approved a 1 for 5 reverse stock split to stockholders that became effective at 12:01 a.m. on July 28, 2020. KLXE and QES stockholders own approximately 59% and 41%, respectively, of the equity of the combined company on a fully-diluted basis. The closing follows approval of the merger transaction by both KLXE and QES stockholders at stockholder meetings held on July 24, 2020. Excluding the impact of the estimated $40 million of annualized cost synergies from the merger, the combined companies' fiscal year 2019 pro forma revenues were more than $1 billion, and adjusted EBITDA was $106 million. Pro forma for the combination, KLXE has an improved liquidity and capital structure with approximately $117 million of cash1 and an undrawn $100 million revolving credit facility, of which approximately $95 million was available1. The merger is expected to be significantly accretive to free cash flow per share. Importantly, the combined company has a strong balance sheet to support critical ongoing business initiatives as well as the pursuit of additional value-creating consolidation opportunities within the oilfield service industry. The combined organization has a highly talented workforce with a commitment to safety, performance, customer satisfaction, and profitability. Complementary to being the foremost U.S. provider of large diameter coiled tubing services, the Company also offers an industry-leading portfolio of asset-light products and services to its blue-chip customers across all major onshore oil and gas basins in the United States. The Company is now able to streamline operational support and technology advancements across a broader suite of service offerings. Finally, through its increased scale and product and service offerings designed to meet the needs of customers throughout the lifecycle of the well, KLXE is expected to generate cross-selling opportunities that allow for an increased share of customer spend. KLXE will operate under the executive leadership of QES's legacy management team, including Christopher J. Baker, President and Chief Executive Officer, and Keefer M. Lehner, EVP and Chief Financial Officer. The Board of Directors is comprised of nine directors, with five legacy KLXE directors and four legacy QES directors. John Collins, current Chairman of the Board of KLXE, will continue to serve as Chairman, and Tom McCaffrey, former President and CEO of KLXE, will continue to serve on the Board and as chair of its Integration Committee. Additional leadership biographies will be available on the Company's website, www.klxenergy.com. KLXE's corporate headquarters is now located in Houston, Texas.
KLX Energy to effect 1-for-5 stock split, adjust exchange ratio for merger » 07:1807/2707/27/20
KLX Energy Services…
KLX Energy Services Holdings (KLX) announced that it will effect a 1-for-5 reverse stock split of its common stock that will be effective as of 7:30 a.m. Eastern Time tomorrow, July 28, 2020. KLXE's common stock will begin trading on the Nasdaq Global Select Market on a split-adjusted basis when the market opens on Tuesday, July 28, 2020. KLX Energy Services anticipates that the reverse stock split will be effected immediately prior to closing of the Company's pending merger with Quintana Energy Services Inc. (QES). The new CUSIP number for KLXE's common stock following the reverse stock split is 48253L 205. Pursuant to the Agreement and Plan of Mergeramong KLXE, QES, Krypton Intermediate LLC and Krypton Merger Sub Inc., the final Exchange Ratio under the Merger Agreement will be 0.0969, after giving effect to the reverse stock split. On July 24, 2020, the holders of a majority of KLXE's outstanding shares of common stock approved the reverse stock split and gave KLXE's board of directors' discretionary authority to select a ratio for the split ranging from 1-for-5 to 1-for-10. The board of directors approved the reverse stock split at a ratio of 1-for-5 on July 26, 2020. The reverse stock split affects all issued and outstanding shares of KLXE's common stock, as well as the number of shares of common stock available for issuance under KLXE's Long Term Incentive Plan and Employee Stock Purchase Plan. The reverse stock split does not affect the number of authorized shares of KLXE's common stock. The reverse stock split will reduce the number of shares of KLXE's outstanding common stock from approximately 24.9M to approximately 5M, prior to closing of the merger. The reverse stock split will not change the par value of the common stock or the authorized number of shares of preferred stock of KLXE.