Matlin & Partners Acquisition Corporation (NASDAQ: MPAC, MPACU, MPACW) and U.S. Well Services, LLC today announced the completion of their previously announced business combination, positioning the combined company to continue its growth as a high-quality provider of hydraulic fracturing services and market leader in electric-powered fracturing. In connection with the transaction, MPAC has been renamed U.S. Well Services, Inc.
USWS' fully electric frac technology is set to transform and disrupt the hydraulic fracturing industry through substantial customer fuel savings, improved operating efficiency, and safer operations with reduced noise and lower emissions.
"We are pleased to complete this transaction and to advance the rollout of our proprietary electric frac technology. With this business combination, USWS will have a strong financial position, enabling us to capture significant growth opportunities ahead," said Joel Broussard, Chief Executive Officer of USWS. "USWS continues to gain momentum with recently announced contract signings as customers better recognize the benefits of electric frac. Driven by our commitment to safe, environmentally friendly and efficient operations, we are well-positioned to accelerate growth and create value for our combined stockholders."
"The completion of this transaction represents a successful outcome of our goal to find a strong partner with a unique platform for future growth," said David Matlin, former Chairman and Chief Executive Officer of MPAC. "As a publicly traded company with transformative growth capital, USWS will be well-positioned to execute on its growth plan. As a member of the USWS Board, I look forward to working closely with Joel and the USWS team to drive value for our stockholders."
USWS expects to commence trading its Class A Common Stock and public warrants on The Nasdaq Capital Market ("Nasdaq") under the symbols "USWS" and "USWSW," respectively, effective Monday, November 12, 2018.
Advisors
MPAC was advised on the business combination by Cantor Fitzgerald & Co. with Bracewell LLP as legal counsel. USWS' financial advisor was Simmons Energy, a division of Piper Jaffray & Co., and Winston & Strawn LLP acted as legal advisors.
About USWS
U.S. Well Services, LLC's Clean Fleet ® technology provides one of the first fully electric, fully mobile well stimulation system powered by natural gas fueled by locally supplied field gas or alternative natural gas sources. USWS' patented Clean Fleet technology dramatically decreases sound pollution, which is vital in this day and age as well as generates exceptional operational cost savings. For more information visit: www.uswellservices.com.
