Smart Sand Terminates Material Definitive Agreement
Ticker: SND · Form: 8-K · Filed: Jan 4, 2024 · CIK: 1529628
Complexity: simple
Sentiment: neutral
Topics: contract-termination, 8-K, corporate-action
TL;DR
**Smart Sand just terminated a key contract, watch for potential revenue impact.**
AI Summary
Smart Sand, Inc. (SND) announced on January 2, 2024, the termination of a material definitive agreement, as reported in their 8-K filing on January 4, 2024. This termination means a significant contract or partnership that was important to Smart Sand's business operations is no longer in effect. For investors, this matters because the termination of a material agreement could impact the company's future revenue, operational stability, or strategic direction, potentially affecting the stock's value.
Why It Matters
The termination of a material agreement could signal a change in Smart Sand's business strategy or financial outlook, potentially affecting its revenue streams and profitability. Investors should assess if this termination creates new risks or opportunities for the company.
Risk Assessment
Risk Level: medium — The termination of a 'material definitive agreement' introduces uncertainty about Smart Sand's future operations and financial performance, warranting a medium risk assessment.
Analyst Insight
A smart investor would investigate the nature of the terminated 'material definitive agreement' to understand its potential impact on Smart Sand's revenue, operations, and competitive position before making any investment decisions.
Key Players & Entities
- Smart Sand, Inc. (company) — the registrant filing the 8-K
- January 2, 2024 (date) — date of the earliest event reported
- January 4, 2024 (date) — date the 8-K was filed
- 001-37936 (other) — Commission File Number for Smart Sand, Inc.
FAQ
What specific type of event did Smart Sand, Inc. report in this 8-K filing?
Smart Sand, Inc. reported the 'Termination of a Material Definitive Agreement' under Item 1.02 of Form 8-K, as indicated in the 'ITEM INFORMATION' section of the filing.
When was the earliest event reported in this 8-K filing?
The earliest event reported in this 8-K filing occurred on January 2, 2024, as stated in the 'Date of Report (Date of earliest event reported): January 2, 2024' section.
What is the trading symbol and exchange for Smart Sand, Inc.'s Common Stock?
Smart Sand, Inc.'s Common Stock trades under the symbol 'SND' on the NASDAQ exchange, as listed under 'Securities registered pursuant to Section 12(b) of the Act'.
What is Smart Sand, Inc.'s business address?
Smart Sand, Inc.'s business address is 28420 Hardy Toll Road, Suite 130, Spring, Texas 77373, as provided in the 'BUSINESS ADDRESS' section of the filing.
Is Smart Sand, Inc. classified as an emerging growth company?
The filing indicates that Smart Sand, Inc. is NOT an emerging growth company, as the box for 'Emerging growth company' is unchecked.
Filing Stats: 590 words · 2 min read · ~2 pages · Grade level 10.3 · Accepted 2024-01-04 16:01:23
Key Financial Figures
- $0.001 — ange on which registered Common Stock, $0.001 par value SND NASDAQ Indicate by chec
- $25,000,000 — tock having an aggregate value of up to $25,000,000 and (ii) the Selling Stockholder was en
Filing Documents
- snd-20240102.htm (8-K) — 27KB
- 0001529628-24-000002.txt ( ) — 153KB
- snd-20240102.xsd (EX-101.SCH) — 2KB
- snd-20240102_lab.xml (EX-101.LAB) — 24KB
- snd-20240102_pre.xml (EX-101.PRE) — 13KB
- snd-20240102_htm.xml (XML) — 3KB
02 Termination of a Material Definitive Agreement
Item 1.02 Termination of a Material Definitive Agreement. As previously disclosed, on November 9, 2021, Smart Sand, Inc. (the "Company"), entered into an Open Market Sale Agreement (the "Sale Agreement") with Clearlake Capital Partners II (Master), L.P. (the "Selling Stockholder") and Jefferies LLC (the "Sales Agent"), pursuant to which (i) the Company was entitled to sell, from time to time, shares of its common stock having an aggregate value of up to $25,000,000 and (ii) the Selling Stockholder was entitled to sell, from time to time, up to 10,920,445 shares of the Company's common stock. The terms and conditions of the Sale Agreement were described in the Company's Quarterly Report on Form 10-Q filed with the U.S. Securities and Exchange Commission on November 9, 2021 (the "Quarterly Report"). On January 2, 2024, the Company delivered a written notice to the Sales Agent to terminate the Sale Agreement, effective as of January 18, 2024. The Company is not subject to any termination penalties related to the termination of the Sale Agreement. The Company did not sell any shares pursuant to the Sale Agreement. A copy of the Sale Agreement was filed as Exhibit 10.1 to the Quarterly Report. The description of the Sale Agreement contained in this Current Report on Form 8-K does not purport to be complete and is qualified in its entirety by reference to the copy of the Sale Agreement filed as Exhibit 10.1 to the Quarterly Report.
SIGNATURES
SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. SMART SAND, INC. Dated: January 4, 2024 By: /s/ Lee E. Beckelman Lee E. Beckelman Chief Financial Officer