NEW CANAAN, Conn., Nov. 5, 2018 /PRNewswire/ -- Matlin &
Partners Acquisition Corporation ("MPAC") (NASDAQ: MPAC, MPACU,
MPACW), today announced that holders of its Class A Common Stock
and Class F Common Stock, voting as a single class, have approved
MPAC's previously announced proposed business combination (the
"business combination") with U.S. Well Services, LLC ("USWS") and
related transactions, at the reconvened special meeting of
stockholders held on November 2,
2018. MPAC's stockholders also approved each of the other
proposals included in the definitive proxy statement filed by MPAC
with the Securities and Exchange Commission (the "SEC") on
October 10, 2018.
MPAC expects the business combination to close on
November 9, 2018, subject to
customary closing conditions. Upon the closing of the business
combination, MPAC will change its name to U.S. Well Services, Inc.
and will trade its Class A Common Stock and public warrants on The
Nasdaq Capital Market under the symbols "USWS" and "USWSW,"
respectively. U.S. Well Services, Inc. will be one of the first
publicly traded oilfield service companies with all-electric
hydraulic fracturing capabilities using its proprietary technology,
Clean Fleet®.
"The receipt of stockholder approval is an important milestone
that brings us closer to completing the transaction. We are pleased
that the business combination provides U.S. Well Services, Inc.
with at least $280 million of new
capital, enabling all previously planned debt repayments along with
providing incremental balance sheet cash and positioning the
company well to execute on its growth plans," said David Matlin, Chairman and Chief Executive
Officer of MPAC.
About MPAC
Matlin & Partners Acquisition Corporation is a special
purpose acquisition company incorporated in March 2016 for the purpose of effecting a merger,
capital stock exchange, asset acquisition, stock purchase,
reorganization or similar business combination with one or more
businesses.
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.
Forward-Looking Statements
This news release includes "forward-looking statements" within
the meaning of the "safe harbor" provisions of the United States
Private Securities Litigation Reform Act of 1995. Forward-looking
statements may be identified by the use of words such as
"estimate," "plan," "project," "forecast," "intend," "expect,"
"anticipate," "believe," "seek," "target" or other similar
expressions that predict or indicate future events or trends or
that are not statements of historical matters. These
forward-looking statements include, but are not limited to,
statements with respect to the completion of the business
combination and related transactions. Accordingly, forward-looking
statements should not be relied upon as representing MPAC's or
USWS' views as of any subsequent date, and neither MPAC nor USWS
undertakes any obligation to update forward-looking statements to
reflect events or circumstances after the date they were made,
whether as a result of new information, future events or otherwise,
except as may be required under applicable securities laws. You
should not place undue reliance on these forward-looking
statements. As a result of a number of known and unknown risks and
uncertainties, actual results or performance may be materially
different from those expressed or implied by these forward-looking
statements. Some factors that could cause actual results to differ
include, but are not limited to: (1) the occurrence of any event,
change or other circumstances that could give rise to the
termination of the definitive merger and contribution agreement
among MPAC, USWS Holdings LLC, a holding company for USWS, and the
other parties named therein (the "MCA"); (2) the outcome of any
legal proceedings that may be instituted against USWS or MPAC
following announcement of the proposed business combination and
related transactions; (3) the inability to complete the
transactions contemplated by the MCA due to the failure
to satisfy one or more conditions to the closing of
the proposed business combination; (4) the ability to obtain
or maintain the listing of Class A Common Stock on the Nasdaq
Capital Market following the proposed business combination; (5)
changes in applicable laws or regulations; (6) the possibility that
USWS or MPAC may be adversely affected by other economic, business,
and/or competitive factors; and (7) other risks and uncertainties
are discussed in the definitive proxy statement filed by MPAC in
connection with the proposed business combination, including those
under "Risk Factors" therein, and in MPAC's prior and future
filings with the SEC, available at www.sec.gov.
Contacts
Meaghan Repko / Aaron Palash / Greg
Klassen
Joele Frank, Wilkinson Brimmer
Katcher
(212) 355-4449
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SOURCE Matlin & Partners Acquisition Corporation