Smart Sand, Inc. announces an Equity Buyback for 5,175,688 shares, representing 11.3% for $8.85 million.
February 28, 2023 at 04:07 pm EST
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Smart Sand, Inc. (NasdaqGS:SND) announces a share repurchase program. Under the program, the company will repurchase up to 5,175,688 shares, representing 11.3% of its issued share capital, for $8.85 million. The company will pay $4.42 million in cash and the remainder will be financed through an unsecured promissory note issued to Clearlake.
The shares will be repurchased from Clearlake Capital Partners II (Master), L.P. on February 28, 2023.
Smart Sand, Inc. is a fully integrated frac and industrial sand supply and services company. The Company offers complete mine to wellsite proppant supply and logistics solutions to its frac sand customers. The Company produces Northern White sand, which is a sand used as proppant used to enhance hydrocarbon recovery rates in the hydraulic fracturing of oil and natural gas wells and for a variety of industrial applications. It also offers proppant logistics solutions to its customers through its in-basin transloading terminals and its SmartSystems well-site proppant storage capabilities. Through its SmartSystems wellsite proppant storage solutions, it offers the SmartDepot and SmartDepotXL silo systems, SmartPath transloader, and its rapid deployment trailers. Its SmartDepot silos include passive and active dust suppression technology, along with the capability of a gravity-fed operation. The Companyâs SmartPath transloader is a mobile sand transloading system.
SMART SAND, INC. 
