FTS International Completes Financial Restructuring - Seite 2

Upon emergence, FTSI expects to have approximately $90 million cash on hand and has entered into a new $40 million asset-based revolving credit facility with Wells Fargo Bank, N.A., as administrative agent and lender, to support working capital needs.

Issuance of Equity and Listing on the NYSE American

In connection with emergence from Chapter 11, all of the Company’s existing equity interests will be cancelled and will cease to exist, effective before the market opens on November 20, 2020. At emergence, approximately 13,687,620 shares of new Class A common stock are outstanding, with 49 million shares authorized at emergence. Shares of the Company’s new Class A common stock will commence trading on the NYSE American under the ticker symbol “FTSI” on November 20, 2020. Additionally, at emergence, approximately 312,306 shares of the Company’s new Class B common stock are outstanding, with 1 million shares of Class B common stock authorized at emergence. Shares of the Company’s new Class B common stock are identical to the shares of the Company’s new Class A common stock, except that such shares will not be listed on any stock exchange.

In addition, 1,555,521 Tranche 1 Warrants exercisable for one share of Class A common stock per Tranche 1 Warrant were issued at emergence at an initial exercise price of $33.04, expiring on November 19, 2023 and 3,888,849 Tranche 2 Warrants exercisable for one share of Class A common stock per Tranche 2 Warrant were issued at emergence at an initial exercise price of $37.14, expiring on November 19, 2023.

Details of the restructuring, the securities issued pursuant to the Confirmed Plan and the debt and other agreements entered into as part of the Plan will be provided in a Form 8-K which can be viewed on the Company’s website or the Securities and Exchange Commission’s (“SEC”) website at www.sec.gov.

Adoption of Rights Agreement

FTSI’s Board of Directors has also approved the adoption of a stockholder rights agreement (the “Rights Agreement”) and declared a dividend distribution of one right (“Right”) for each outstanding share of common stock (both Class A common stock and Class B common stock) outstanding as of the record date. The record date for such dividend distribution is November 30, 2020. The Rights expire, without any further action being required to be taken by FTSI’s Board of Directors, on November 18, 2021.