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- Controlled Company (new) — If the offering raises $31M or less, backstop parties Cross Ocean and Whitebox will collectively hold ~45% of common stock and each gain board representation rights, giving two creditors substantial ownership and governance control.
KLX Energy Services launches $125M backstopped rights offering at $1.49/share to reduce debt by $94M
Filed August 24, 2026 · ~2 min read
Key Changes
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Backstopped rights offering of 83.9M shares at $1.49/share for ~$125M gross proceeds; existing holders receive 3.885 shares per right, with a 9.995% ownership cap for non-backstop participants.
The Offering verify on EDGAR → -
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Up to $31M of gross proceeds allocated to fees and general corporate purposes; any excess proceeds will redeem 2030 Notes at par, reducing outstanding principal by $94M regardless of shareholder participation.
Use of Proceeds verify on EDGAR → -
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Expected share count will increase from 21.4M to 85.1M-105.9M (3x-4x dilution) depending on shareholder participation versus backstop party participation via debt-for-equity exchange.
Use of Proceeds verify on EDGAR →
3 more material changes behind this preview — plus the full narrative summary, section-by-section diffs against the prior filing, and verbatim quotes with EDGAR citations.
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Figures/quotes linked to EDGAR · Narrative written by AI · Aug 24, 2026 · How we verify