Company: WBI
Filing Date: 2025-09-18
Form Type: 424B4
Source: 0001193125-25-206805
Chunk: 132

Company: WaterBridge Infrastructure LLC
Filing Date: 2025-09-18
Form: 424B4
Chunk 132
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 we will enter into with OpCo and the TRA Holders in connection with the closing of this offering and any subsequent tax receivable agreements that we may enter into in connection with future acquisitions; and (iii) to the extent cash is available, additional pro rata tax distributions to the OpCo Unitholders in an amount generally intended to allow the OpCo Unitholders (other than us) to satisfy their estimated tax liabilities with respect to their allocable share of the income of OpCo, based on certain assumptions and conventions.

If OpCo makes distributions to us and the other OpCo Unitholders in any given year, we may pay dividends in respect of our Class A shares out of some or all of such distributions remaining after the payment of taxes and other expenses if determined by our board of directors. However, because our board of directors may determine to pay or not pay dividends in respect of our Class A shares based on the factors described above, holders of our Class A shares may not necessarily receive dividends, even if OpCo makes such distributions to us. In addition, because we must pay income taxes and any amounts due under the Tax Receivable Agreement, amounts ultimately distributed to Class A shareholders are expected to be less on a per-share basis than the amounts distributed by OpCo to the other OpCo Unitholders on a per-unit basis.

See “Risk Factors—Risks Related to this Offering, Our Corporate Structure and Our Class A Shares—Any decision to pay cash dividends in the future will be made in the sole discretion of our board of directors. If we do not pay any cash dividends on our Class A shares following this offering, you may not receive a return on investment unless you sell your Class A shares for a price greater than that which you paid for them.”

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CAP ITALIZATION The following table sets forth our cash and cash equivalents and capitalization as of June 30, 2025, as follows: • on an actual basis for WaterBridge, the registrant; • on an actual basis for WBEF and NDB Operating, our predecessors; • on an actual basis for Desert Environmental, our energy waste management business; • on a pro forma basis to give effect to the WaterBridge Combination; and • on a pro forma, as adjusted, basis to give effect to the WaterBridge Combination, the Corporate Reorganization and this offering at the initial offering price of $20.00 per Class A share and the application of the net proceeds therefrom as described under