U.S Well Services Inc. (USWS) stock prices surged by 28.33% shortly after market trading commenced on October 11th 2021. This brought the price per share up to USD$3.08 early on in the trading day.
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USWS Stock Electrifies Fleets
USWS stock announced having ceased operations of its last active conventional fleet in late August of 2021. This development marked the company’s exit from the diesel frac services market. The company is currently operating five fleets that are entirely electrified, with the number expected to grow to 9 electric fleets by the end of 2022. There continues to be strong demand for electric fleets, as evidenced by recent commercial momentum. August 2021 also saw the company execute an agreement that extended an existing electric fracturing services contract through to the end of 2022.
Reduction of Term Loan
Since announcing its intent to exit the diesel frac services market, USWS stock has reported completing the sale of more than 30% of its conventional pressure pumping portfolio. These sales were further consolidated by the sale of more than 30% of the company’s non-core ancillary equipment. These sales, in conjunction with scheduled principal repayments, have resulted in the reduction of the balance of the company’s secured term loan. The loan amounted to USD$246.4 million at the beginning of 2021, with a marked reduction of USD$44.9 million as of the end of September 2021.
Reverse Share Split
The end of September 2021 also saw USWS stock announce the execution of its reverse share split. Holders of the company’s Class A common stock were set to receive 1 post-split share for every 3.5 pre-split shares under their ownership. The reverse split did not result in any changes to the rights or preferences of the company’s stockholders, nor did it affect any stockholder’s percentage interest in the company. No fractional shares of common stock were issues in the reverse share split. Those stockholders who would otherwise be entitled to receive a fractional share were granted one full share of post-split common stock.
Future Outlook for USWS Stock
The company reported a strong quarter, as evidenced by its promising quarterly developments. USWS stock is keen to consolidate and expand its market footprint in the electric automotive industry. Current and potential investors are hopeful that management will be able to effectively leverage the resources at their disposal. This is hoped to facilitate significant and sustained increases in shareholder value.
