USWS - Smart Sand inks $35M settlement with U.S. Well Services LLC

Smart Sand (SND) has reached a settlement with U.S. Well Services, LLC, a subsidiary of U.S. Well Services, Inc. (USWS) after Superior Court of the State of Delaware issued ~$50.9M judgment in favor of Smart Sand in its breach of contract case against USW.USW has paid to Smart Sand a $35M cash payment entered into a two year Right of First Refusal Agreement covering all purchases of Northern White frac sand by USWS and its affiliates in the continental United States from January 1, 2022 through December 31, 2023. Charles Young, Smart Sand’s Chief Executive Officer, commented, “We are very pleased to have reached an agreement with U.S. Well and bring this long running action to a beneficial conclusion. This outcome makes our business stronger.” Young continued, “The cash payment provides us with immediate liquidity, enhancing our already strong balance sheet.The right of first refusal agreement provides us with an opportunity

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Smart Sand inks $35M settlement with U.S. Well Services, LLC