Form 4: Summit Midstream Corp Director Cleary Reports Acquisition of Common Stock Following Corporate Reorganization

Director James J. Cleary reports acquiring 30,209 shares of Summit Midstream Corp common stock due to a corporate reorganization.

Summary

• On August 1, 2024, Summit Midstream Partners, LP underwent a corporate reorganization, converting from a master limited partnership to a C corporation.
• This was achieved through a merger with Summit SMC NewCo, LLC, a wholly-owned subsidiary of Summit Midstream Corporation.
• As a result of the merger, all outstanding common units in the Partnership were converted into shares of Summit Midstream Corporation common stock.
• Director James J. Cleary acquired 30,209 shares of Common Stock due to the reorganization.
• Cleary has granted a Power of Attorney to James D. Johnston, William J. Mault and John E. Griffin to execute and file necessary forms related to securities transactions.

Sentiment

Score: 6

Explanation: The document primarily reports a procedural corporate reorganization and a resulting change in share ownership. It doesn't contain overtly positive or negative information, hence a neutral sentiment score.

Positives

• The corporate reorganization simplifies the structure of Summit Midstream Partners, LP.
• James J. Cleary now holds 30,209 shares of Summit Midstream Corp common stock.

Industry Context

Corporate reorganizations, including conversions from master limited partnerships to C corporations, are sometimes undertaken to simplify corporate structures, improve access to capital markets, or enhance tax efficiency.

Key Dates