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KLX Energy Services Stockholders Approve Stock Issuance in Connection with the Proposed Merger with Quintana Energy Services
WELLINGTON, Fla., July 24, 2020 (GLOBE NEWSWIRE) -- KLX Energy Services Holdings, Inc. (“KLXE” or the “Company”) (NASDAQ:KLXE), a leading U.S. onshore
About this update from Klx Energy Services Holdings, Inc.
[{"type":"text","content":"WELLINGTON, Fla., July 24, 2020 (GLOBE NEWSWIRE) -- KLX Energy Services Holdings, Inc. (“KLXE” or the “Company”) (NASDAQ:KLXE), a leading U.S. onshore provider of mission critical oilfield services, announced that KLXE’s stockholders have approved the issuance of KLXE’s common stock (the “Stock Issuance Proposal”) in connection with the proposed merger of an indirect wholly owned subsidiary of KLXE with and into Quintana Energy Services Inc. (“QES”) (NYSE:QES) pursuant to an agreement and plan of merger, dated as of May 3, 2020 (the “Merger Agreement”), by and among QES, KLXE and two wholly owned subsidiaries of KLXE. The proposal to approve the stock issuance in connection with the proposed merger was passed by stockholders voting at KLXE’s annual meeting of stockholders (the “KLXE Annual Meeting”) held virtually on July 24, 2020. On that same day, the stockholders of QES voted to adopt the Merger Agreement.\n At the KLXE Annual Meeting, in addition to the Stock Issuance Proposal, KLXE stockholders also (i) approved an amendment to the amended and restated certificate of incorporation of the Company to effect a reverse stock split of KLXE common stock at a ratio within a range of 1-for-5 and 1-for-10, as determined by KLXE’s Board of Directors (the “Reverse Stock Split Proposal”), (ii) did not approve an amendment to KLXE’s Long-Term Incentive Plan to increase the number of shares issuable thereunder, and to provide for an annual limit on the awards to non-employee directors, (iii) approved the election of two Class II Directors (Benjamin A. Hardesty and Stephen M. Ward, Jr.) to the Company’s Board of Directors for a three-year term (the “Director Election Proposal”), (iv) approved an amendment to the Company’s Employee Stock Purchase Plan to increase the number of shares issuable thereunder and (v) approved the annual ratification of the appointment of Deloitte & Touche LLP to serve as the Company’s independent auditor for 2020. The KLXE stockholders also approved the adjournment of the Annual Meeting to solicit additional proxies for these proposals but no motion to adjourn the Annual Meeting was made because adjournment of the Annual Meeting was determined not to be necessary or appropriate. Other than the Stock Issuance Proposal, none of the other proposals voted on at the KLXE Annual Meeting are conditions to closing the m...