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US Well Services, Inc. (NASDAQ:USWS) shares are trading higher after ProFrac Holding Corp. (NASDAQ:PFHC) announced it will acquire the company for approximately $1.21 per share in an all-stock deal.
Under the terms of the agreement, USWS stockholders will receive 0.0561 shares of ProFrac Class A common stock for each share of USWS Class A common stock they own, representing an aggregate consideration of approximately $93 million.
Kyle O'Neill, U.S. Well Services' President and CEO, added, "We are thrilled to join forces with ProFrac. ProFrac is a best-in-class operator, and we believe the combined company will be well positioned to capitalize on the growing opportunity for electric fracturing services. This combination provides value for U.S. Well Services shareholders, employees and customers, and we look forward to working with the ProFrac team to realize our shared vision for the business."
U.S. Well Services Inc is an oilfield service provider of well stimulation services to the upstream oil and natural gas industry. The company is engaged in high-pressure hydraulic fracturing in unconventional oil and natural gas basins in the United States.
USWS Price Action: U.S. Well Services, Inc. has traded between $4.21 and $0.50 over a 52-week period.
The stock was trading about 32.1% higher at $0.95 per share on Wednesday at the time of publication. ProFrac shares were down 9.4% at $19.47.
