WaterBridge Infrastructure completes IPO of 31.7M Class A shares at $20; restructuring closes

WaterBridge Infrastructure LLC

Issued 31.7M Class A shares at $20.00 in IPO; net proceeds ~$587.6M before option exercise.
Underwriters exercised greenshoe for 4.755M additional shares; closing expected Sep 22, 2025.
Completed corporate reorganization; contributes assets to OpCo; now sole managing member of OpCo.
Board formed with David N. Capobianco as chair; 10 directors appointed including Frank Bayouth.
Adopted LTIP reserving 5.7M Class A shares; entered registration rights and shareholders' agreements.

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