Cardinal Infrastructure Group completes IPO of 13.2M shares at $21, gross proceeds $277.7M

Cardinal Infrastructure Group Inc.

Completed IPO of 11,500,000 shares at $21.00 per share on Dec 11, 2025; over-allotment of 1,725,000 shares on Dec 12.
Gross proceeds to Company from IPO and over-allotment ~$277.7 million before underwriting discounts.
Issued 30,887,813 shares of Class B Common Stock to pre-IPO members for nominal consideration in connection with the IPO.
Entered into Second Amended and Restated LLC Agreement, Tax Receivable Agreement, and Registration Rights Agreement.
Net proceeds used to purchase newly issued Common Units from Cardinal Civil Contracting Holdings LLC.

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