U. S. Well Services (USWS) Announces 1-for-6 Reverse Stock Split

U.S. Well Services, Inc. (NASDAQ: USWS) ("USWS" or the "Company") today announced it is executing a reverse stock split, effective August 4, 2022. Holders of the Company's Class A common stock will receive 1 post-split share for every 6 pre-split shares of Class A common stock. The reverse stock split will not modify any rights or preferences of the Company's stockholders, nor will it alter any stockholders' percentage interest in the Company. No fractional shares of Class A common stock will be issued as a result of the reverse stock split. Stockholders of record who would otherwise be entitled to receive a fractional share will receive one full share of post-split Class A common stock. The reverse stock split is primarily intended to bring the company into compliance with the minimum bid price requirement for maintaining its listing on the Nasdaq Capital Market. The Company's Class A common stock will continue to be traded on the NASDAQ Capital Market under the symbol USWS and will begin trading on a split-adjusted basis when the market opens on Friday, August 5, 2022 under a new CUSIP number 91274U 309.

The reverse stock split was approved by the Company's stockholders at its annual meeting held on May 20, 2022. Following the annual meeting, the Company's Board of Directors held a meeting and approved a reverse stock split ratio of 1-for-6.

On June 21, 2022, the Company announced it would be acquired by ProFrac Holding Corp. ("ProFrac") (NASDAQ: PFHC), in a stock-for-stock transaction with an exchange ratio of 0.0561 shares of ProFrac Class A Common Stock for each share of USWS Class A common stock. As a result of the reverse share split, holders of USWS Class A common stock will be entitled to receive 0.3366 shares of ProFrac Class A Common Stock for each share of USWS Class A common stock upon closing of the pending transaction, which is expected in the fourth quarter of 2022.

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