Company: WBI
Filing Date: 2025-11-12
Form Type: 10-Q
Source: 0001193125-25-278007
Chunk: 18

Company: WaterBridge Infrastructure LLC
Filing Date: 2025-11-12
Form: 10-Q
Item: Part I, Item 8
Chunk 18
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ated certain consolidation transactions, including the contribution of all of the respective equity interests in WBEF, NDB Midstream, and Desert Environmental LLC (“Desert Environmental” and, together with WBEF and NDB Midstream, the “Contributed Entities”) to OpCo in order to combine our businesses and operations and simplify our organizational structure prior to the IPO (the “Combination”). See Note 5 — Acquisitions for additional information on the Combination. 

The Combination was accounted for as a business combination in accordance with ASC 805, Business Combinations, as the Contributed Entities were not under common control. Accordingly, our condensed consolidated financial statements reflect the assets and liabilities of NDB Midstream (the accounting acquirer) at their historical carrying values, and the assets and liabilities of WBEF and Desert Environmental (the acquired entities) at their respective fair values as of the Combination Date.

The LLC Agreement authorizes two classes of shares, Class A shares and Class B shares, in each case representing limited liability company interests in us (“Class A shares” and “Class B shares”, respectively). Only our Class A shares have economic rights and entitle holders thereof to participate in any dividends our board of directors (the “Board”) may declare. Under the LLC Agreement, the Company is authorized to issue an unlimited number of additional limited liability company interests of any type without the approval of our shareholders, subject to the rules of the New York Stock Exchange and NYSE Texas, Inc. Each holder of a Class A share is entitled to one vote on all matters to be voted on by our shareholders generally. Our Class B shares are not entitled to participate in any dividends the Board may declare but are entitled to vote on the same basis as the Class A shares. Holders of Class A shares and Class B shares vote together as a single class on all matters presented to our shareholders, except as otherwise required by applicable law or by the LLC Agreement. We do not intend to list the Class B shares on any stock exchange. 

Initial Public Offering

On September 18, 2025, following the Combination, we completed our IPO of 31,700,000 Class A shares at a price to the public of $20.00 per share. In addition, the underwriters exercised their option to purchase up to an additional 4,755,000 Class A shares at the public offering price, which purchase was completed on September 22, 2025.