1 unchanged sentence
Market Information
−Removed: The Company’s common units (Units), Class A Common Stock, and warrants were each traded on the Nasdaq under the symbols “KAACU,” “KAAC,” and “KAACW,” respectively, prior to the closing of the Altus Combination.
−Removed: In connection with the closing of the Altus Combination, the Units ceased trading, and the Class A Common Stock and warrants began trading on the Nasdaq under the symbols “ALTM” and “ALTMW,” respectively.
−Removed: The Company’s Units commenced public trading on March 30, 2017, and the Class A Common Stock and warrants commenced public trading on April 27, 2017.
−Removed: The Company’s warrants ceased trading on the Nasdaq at the opening of business on December 20, 2018 and since that time have been quoted on the over-the-counter markets operated by OTC Markets Group under the symbol “ALTMW.” The warrants may still be exercised in accordance with their terms to purchase shares of the Company’s Class A Common Stock.
−Removed: The table below sets forth the high and low prices of the warrants, as reported on the OTC Marketplace, for each of the quarterly periods presented.
−Removed: Such quotations reflect inter-dealer prices, without retail mark-up, mark-down, or commission and may not necessarily represent actual transactions.
−Removed: Year Ended December 31,
−Removed: High Low High Low
−Removed: First Quarter $ 0.10 $ 0.03 $ 0.15 $ 0.01
−Removed: Second Quarter $ 0.07 $ 0.03 $ 0.04 $ —
−Removed: Third Quarter $ 0.06 $ 0.02 $ 0.05 $ 0.01
−Removed: Fourth Quarter $ 0.07 $ 0.01 $ 0.12 $ 0.01
−Removed: On January 31, 2022, the Class A Common Stock had a closing price o f $63.03, and the warrants had a closing price of $0.01.
−Removed: On January 31, 2022, there were 121 ho lders of record of the Company’s Class A Common Stock and there was no Class C Common Stock outstanding.
−Removed: Altus has paid cash dividends on its Class A Common Stock each quarter in 2021 at a rate of $1.50 per share.
−Removed: When, and if, declared by the Company’s board of directors, future dividend payments will depend upon our level of earnings, financial requirements, and other relevant factors.
−Removed: Securities Authorized for Issuance Under Equity Compensation Plans
−Removed: Information about the Company’s equity compensation plans is incorporated herein by reference to Altus’ definitive proxy statement for its 2022 Annual Meeting of Stockholders.
+Added: The Company’s Class A Common Stock is traded on the New York Stock Exchange under the symbol “KNTK”.
+Added: The Company’s public warrants are quoted on the over-the-counter markets operated by OTC Markets Group under the symbol “ALTMW.” The warrants may still be exercised in accordance with their terms to purchase shares of the Company’s Class A Common Stock.
+Added: On February 28, 2023, the Class A Common Stock had a closing price of $29.75, and the warrants had a closing price of $0.001.
+Added: On February 28, 2023, there were 204 holders of record of the Company’s Class A Common Stock and nine holders of record of the Company’s Class C Common Stock.
+Added: Holders of the Company’s common stock are entitled to receive cash dividends when declared by the Company’s Board out of legally available funds.
+Added: The Board presently intends to continue the policy of paying quarterly cash dividends, however, future dividend payments will depend upon our level of earnings, capital expenditure requirements, debt obligation, financial condition and other relevant factors.
Recent Sales of Unregistered Securities
1 unchanged sentence
Performance Graph
−Removed: The following stock price performance graph is intended to allow review of stockholder returns, expressed in terms of the performance of the Company’s common stock relative to both a broad equity market index and a published industry index.
−Removed: The information is included for historical comparative purposes only and should not be considered indicative of future stock performance.
−Removed: The graph compares the yearly percentage change in the cumulative total stockholder return on the Company’s Class A Common Stock with the cumulative total return of both the Nasdaq Composite Index and the Alerian US Midstream Energy Index from April 30, 2017 through December 31, 2021.
−Removed: The stock performance graph and related information shall not be deemed “soliciting material” or to be “filed” with the SEC, nor shall information be incorporated by reference into any future filing under the Securities Act or Exchange Act, each as amended, except to the extent that the Company specifically incorporates it by reference into such filing.
−Removed: COMPARISON OF 56 MONTH CUMULATIVE TOTAL RETURN*
−Removed: Among Altus Midstream Company, the Nasdaq Composite Index,
−Removed: and the Alerian US Midstream Energy Index
−Removed: * $100 invested on 5/2/17 in stock or 4/30/17 in index, including reinvestment of dividends.
−Removed: Fiscal year ending December 31.
+Added: The graph and table below compares the Company’s cumulative return to holders of its common stock, the NASDAQ Composite Index, the NYSE Composite Index and the Alerian US Midstream Energy Index during the period beginning on December 31, 2017 and ending on December 31, 2022.
+Added: The NYSE Composite Index was added to the performance graph because the Company changed the listing of its Class A Common Stock to the NYSE from the Nasdaq in October 2022.
+Added: In accordance with SEC rules, the performance graph presents both the indices used in the previous year and the newly selected index.
+Added: The performance graph was prepared based on the following assumptions:
+Added: (i) $100 was invested in our Class A Common Stock and in each of the indices at beginning of the period, and (ii) dividends were reinvested on the relevant payment dates.
+Added: The stock price performance included in this graph is historical and not necessarily indicative of future stock price performance.
+Added: COMPARISON CUMULATIVE TOTAL RETURN (1)(2)
+Added: Among Kinetik Holdings Inc., the NYSE Composite Index, the Nasdaq Composite Index and the Alerian US Midstream Energy Index
+Added: (1) The performance graph shall not be deemed “soliciting material” or to be “filed” with the SEC for purposes of Section 18 of the Exchange Act, or otherwise subject to the liabilities under that Section, and shall not be deemed to be incorporated by reference into any filing of the Company under the Securities Act of 1933, as amended (the “Securities Act”) or the Exchange Act except to the extent that we specifically request it be treated as soliciting material or specifically incorporate it by reference.
+Added: (2) $100 invested on 12/31/2017 in index, including reinvestment of dividends.
2017 2018 2019 2020 2021 2022
−Removed: Altus Midstream Company $ 100.00 $ 100.10 $ 79.69 $ 29.48 $ 24.46 $ 34.82
+Added: Kinetik Holdings, Inc.
+Added: $ 100.00 $ 79.61 $ 29.45 $ 24.44 $ 34.85 $ 40.04
+Added: NYSE Composite Index 100.00 96.12 135.23 143.64 174.36 116.65
Nasdaq Composite Index 100.00 88.80 122.32 104.40 123.37 109.14
Alerian US Midstream Energy Index 100.00 80.97 79.32 50.42 65.01 79.07
−Removed: SELECTED FINANCIAL DATA
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.