4/A: Select Water Solutions: Crestview Entities Adjust Holdings

Select Water Solutions, Inc. (WTTR) reports significant transactions by Crestview entities, including stock sales and unit redemptions, impacting beneficial ownership.

Summary

• Crestview Partners II GP, L.P. and related entities (Crestview Entities) have reported changes in their beneficial ownership of Select Water Solutions, Inc. (WTTR).
• These changes involve the sale of Class A Common Stock and the redemption of Common LLC Units of SES Holdings, LLC, a subsidiary of Select Water Solutions.
• The transactions occurred on April 8, 2026, with the filing date being April 10, 2026.
• Specifically, Crestview Partners II SES Investment B, LLC sold 569,760 Class A Shares, and Crestview Advisors, L.L.C. sold 96,223 Class A Shares.
• Concurrently, Crestview Partners II SES Investment, LLC redeemed 2,430,240 Common LLC Units of SES Holdings, which resulted in the cancellation of an equal number of Class B Common Stock shares.
• Following these transactions, Crestview Partners II SES Investment B, LLC directly owns 0 Class A Shares, while beneficial ownership of Class A and Class B shares, and LLC Units, is held indirectly through various Crestview entities.

Sentiment

Score: 5

Explanation: StockSavvy.ai views this as a neutral filing, as it reports routine ownership adjustments by a major shareholder under a pre-arranged plan, without indicating new financial performance or strategic shifts.

Positives

• The transactions were executed under a Rule 10b5-1(c) plan, indicating a pre-arranged trading strategy designed to comply with safe harbor provisions.
• The redemption of LLC Units and cancellation of Class B shares are part of a structured process, suggesting orderly corporate actions.
• Crestview Partners II GP, L.P. retains significant indirect beneficial ownership, indicating continued strategic interest in Select Water Solutions.

Negatives

• The sale of a substantial number of Class A shares by Crestview entities may be interpreted as a reduction in their direct holdings.
• The cancellation of Class B shares, while linked to unit redemptions, represents a reduction in a specific class of stock held by the reporting persons.

Risks

• The filing does not explicitly detail any new risks or challenges faced by the company.
• The primary risk implied is the potential market perception of insider selling, even if conducted under a 10b5-1 plan.

Future Outlook

The filing does not contain forward-looking statements or guidance. It solely reports on past transactions.

Management Comments

• Crestview Partners II GP, L.P. may be deemed to have beneficial ownership of the Class A Shares held by Crestview II SES B and Crestview Advisors, L.LC. and the Class B Shares and Common LLC Units of SES Holdings indirectly held by Crestview II SES.
• Crestview Partners II GP, L.P. exercises voting and dispositive power over the foregoing Class A Shares, Class B Shares and Common LLC Units held by the Crestview Entities, which decisions are made by the investment committee of Crestview Partners II GP, L.P. and the Chairman of the investment committee.
• Each Reporting Person disclaims beneficial ownership of the reported securities except to the extent of its pecuniary interest therein.

Industry Context

StockSavvy.ai notes that Form 4 filings are routine for significant shareholders and investment firms like Crestview Partners, indicating adjustments in their holdings within the water solutions sector. The use of Rule 10b5-1 plans is standard practice for managing large positions while adhering to regulatory requirements.

Management Changes

Related Party Transactions

• The transactions involve entities affiliated with Crestview Partners, which is a significant beneficial owner and likely has board representation, indicating related party activity.

Stakeholder Impact

• Shareholders: The sale of shares by Crestview entities could be perceived negatively by the market, although it is conducted under a 10b5-1 plan. Continued indirect ownership by Crestview Partners suggests ongoing strategic involvement.
• Creditors/Suppliers: No direct impact is indicated by this filing.
• Employees: No direct impact is indicated by this filing.

Next Steps

• The Crestview Entities will continue to manage their beneficial ownership of Select Water Solutions, Inc. according to their investment strategies and regulatory requirements.

Key Dates

Keywords

Select Water Solutions, WTTR, Form 4, Crestview Partners, Beneficial Ownership, Class A Common Stock, Class B Common Stock, LLC Units, SES Holdings, Insider Trading, SEC Filing, Rule 10b5-1