Item 5. Market for Registrant’s Common Equity
Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities
Market Information
Our common stock commenced trading on the NYSE on January 29, 2026 under the symbol “YSS.”
Holders of Record
As of February 28, 2026, there were 260 stockholders of record. This number does not include the indeterminate number of beneficial holders whose shares are held in “street name” through brokerage firms, clearing agencies or other financial institutions.
Dividend Policy
We do not currently intend to pay dividends on our common stock in the foreseeable future. Any future determination relating to our dividend policy will be made at the discretion of our Board of Directors and will depend on a number of factors, including restrictions in our current and future debt instruments, our future earnings, capital requirements, financial condition, prospects and applicable Delaware law.
Securities Authorized for Issuance under Equity Compensation Plans
Information about securities authorized for issuance under our equity compensation plans as of December 31, 2025 is incorporated herein by reference to “Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters” in Item 12 of Part III of this Annual Report on Form 10-K.
Recent Sales of Unregistered Securities
The following sets forth information regarding securities sold or issued by us in 2025 (without giving effect to the Corporate Conversion). No underwriters were involved in these sales. There was no general solicitation of investors or advertising, and we did not pay or give, directly or indirectly, any commission or other remuneration, in connection with the offering of these securities.
On September 4, 2025, in connection with its formation, the Company issued 100 units to Yellowstone Ultimate Holdings, LP for nominal consideration. The issuance of such units was not registered under the Securities Act because the units were offered and sold in a transaction exempt from registration under Section 4(a)(2) of the Securities Act.
In the fourth quarter of 2025, the Company issued and sold an aggregate of approximately 240,956 Class P Units to several investors for an aggregate purchase price of approximately $241.0 million. Each Class P Unit initially had a preference amount of $1,000 and was converted into shares of our common stock at the time of the Corporate Conversion, at a conversion rate per unit equal to (i) the outstanding aggregate total preference amount of such Class P Unit, divided by (ii) our IPO price discounted by a discount of 20%. The issuance of the Class P Units was not registered under the Securities Act because the Class P Units were offered and sold in a transaction exempt from registration under Section 4(a)(2) of the Securities Act.
Issuer Purchases of Equity Securities
None.
Use of Proceeds from Initial Public Offering of Common Stock
On January 28, 2026, the Registration Statement relating to our IPO was declared effective by the SEC and we priced our IPO. Pursuant to the Registration Statement, we registered an aggregate of 18,500,000 shares of our common stock, which were sold at a price to the public of $34.00 per share (for an aggregate offering price of $629.0 million). We received net proceeds of approximately $582.6 million, net of approximately $36.2 million of underwriting discounts and
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commissions and approximately $10.2 million of offering costs. Goldman Sachs & Co. LLC, Jefferies LLC and Wells Fargo Securities, LLC acted as lead joint book-runners and representatives of the underwriters.
There has been no material change in the planned use of proceeds from our IPO as described in the related prospectus filed with the SEC pursuant to Rule 424(b)(4) under the Securities Act.
Item 6. Reserved