Business Context and Reporting Period
This Form 8-K filing by Altus Midstream Company (not Kinetik Holdings Inc.) reports on the annual meeting of stockholders held on May 21, 2020. The registrant is incorporated in Delaware and trades on the Nasdaq Global Market under the symbol ALTM.
Key Financial Metrics
The filing text does not provide specific financial metrics such as revenue, profit, cash flow, margins, debt, or liquidity. This document focuses exclusively on corporate governance and voting results.
Material Changes and Voting Results
At the annual meeting, 309,585,637 shares (95.28% of eligible shares) were voted. The following matters were approved:
- Director Elections: All 11 nominees were elected to one-year terms expiring at the 2021 annual meeting. Notable vote counts included Mark Borer (288,476,078 For) and Jon W. Sauer (270,236,602 For).
- Auditor Ratification: Ernst & Young LLP was ratified as the independent auditor for fiscal year 2020 with 309,052,163 votes For.
- Share Issuance Approval: Shareholders approved the issuance of Class A Common Stock upon the exchange of certain preferred units issued by a subsidiary, in an aggregate amount equal to or exceeding 20% of issued and outstanding Class A Common Stock.
- Reverse Stock Split: An amendment to the Certificate of Incorporation to effect a one-for-twenty reverse stock split of all outstanding common stock was approved.
Guidance, Outlook, and Risks
The filing text does not contain management commentary, financial guidance, outlook, or specific risk factors beyond the standard disclosure of the voting outcomes.
Investor Verification Checklist
- Verify the implementation date and record date for the approved one-for-twenty reverse stock split.
- Confirm the specific terms and timeline for the exchange of preferred units into Class A Common Stock.
- Review the updated capital structure post-split to ensure accurate share count tracking.
- Check subsequent filings for the official appointment of the newly elected directors.