KLX adopts shareholder rights plan with 10% trigger after investor seeks up to 30% stake

KLX Energy Services Holdings, Inc.

Board declared one Right per share for holders of record Oct 5, 2026; Rights expire Sept 23, 2027 unless redeemed/exchanged.
Rights become exercisable if any person/group reaches 10% beneficial ownership; triggering holder's rights become void.
Plan adopted after a single new investor rapidly accumulated shares and requested to buy up to 30% in the just-expired $125M rights offering.
Backstopped Equity Rights Offering expired Sept 23, 2026; 9.995% subscription cap; backstop parties may own up to 30% and exchange 2030 Notes to retire $94.0M debt.

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