Form 4: The Heritage Group Acquires Shares and Warrants in Calumet, Inc. Following Corporate Reorganization

The Heritage Group acquired shares and warrants in Calumet, Inc. due to a corporate reorganization involving the conversion of Calumet Specialty Products Partners, L.P. into a corporation.

Summary

• On July 10, 2024, Calumet Specialty Products Partners, L.P. underwent a corporate reorganization, converting from a master limited partnership to a corporation named Calumet, Inc.
• As part of this reorganization, Calumet Merger Sub I LLC merged with Calumet GP, LLC, the general partner of the Partnership.
• The Heritage Group, as a reporting person, acquired 2,805,000 shares of Calumet, Inc. common stock and 1,020,000 warrants to purchase common stock.
• The warrants have an exercise price of $20 and expire on July 10, 2027.
• The Heritage Group also beneficially owns 1,200,000 shares through The Heritage Group Investment Company, LLC and may be deemed to own 888,193 shares through Calumet, Incorporated.

Sentiment

Score: 6

Explanation: Neutral sentiment. The document primarily describes a transaction related to a corporate reorganization. It doesn't convey strong positive or negative signals.

Positives

• The Heritage Group's increased stake in Calumet, Inc. could signal confidence in the company's future prospects following the reorganization.

Risks

• The document does not explicitly mention any risks, but corporate reorganizations can present unforeseen challenges.

Future Outlook

The document does not contain explicit forward-looking statements, but the reorganization suggests a strategic shift for Calumet.

Management Comments

• Amy Schumacher, CEO, signed the report on behalf of The Heritage Group.

Industry Context

Calumet's transition from a master limited partnership to a corporation reflects a broader trend of companies simplifying their structures to attract a wider range of investors.

Key Dates