03:56 AM EDT, 07/11/2024 (MT Newswires) -- Calumet Specialty Products Partners ( CLMT ) said late Wednesday it completed the change of its business structure from a master limited partnership to a C-corporation.

Under the terms of the conversion, about 80.4 million common units were exchanged for new shares of common stock of the new entity, named Calumet Inc. The company also issued 5.5 million common shares alongside the elimination of 1.6 million general partnership units, and 2 million common share warrants.

The common stock will start trading on Nasdaq this Thursday under the ticker, "CLMT."

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