Cactus (WHD) Prices Upsized 2.8M Share Offering at $53.50/sh

Cactus, Inc. (NYSE: WHD) announced today the pricing of an underwritten offering (the “Offering”) of 2,803,739 shares of its Class A common stock (“common stock”) for total gross proceeds of approximately $150 million. Cactus has granted the underwriters an option to purchase up to an additional 420,561 shares of common stock at the public offering price, less the underwriting discounts and commissions. The Offering is expected to close on January 13, 2023, subject to customary closing conditions.

Cactus intends to use the net proceeds from this offering to finance a portion of its previously announced acquisition of FlexSteel Technologies Holdings, Inc. and its affiliates.

J.P. Morgan Securities LLC, BofA Securities, Inc., Piper Sandler & Co., TPH&Co., the energy business of Perella Weinberg Partners, Barclays Capital Inc. and Citigroup are acting as joint book-running managers for the Offering. Johnson Rice & Company L.L.C., PEP Advisory LLC and Stifel, Nicolaus & Company Incorporated are acting as co-managers for the Offering.

The securities are being offered and will be sold pursuant to an automatic shelf registration statement (including a prospectus) that was previously filed with the Securities and Exchange Commission (the “SEC”) and became effective upon filing. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or jurisdiction. The Offering is being made only by means of a prospectus and related prospectus supplement.

Copies of the preliminary prospectus supplement and accompanying base prospectus and, when available, copies of the final prospectus supplement and accompanying base prospectus, related to the Offering may be obtained, free of charge, at the SEC’s website at www.sec.gov. Alternatively, copies of the preliminary prospectus supplement and accompanying base prospectus may be obtained from:

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