U.S. Well Services, Inc. (USWS) Stock Surged 58.28% Today, Here’s Why

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U.S. Well Services, Inc. (USWS) stock soared 58.28% in the pre-market trading session at the price of $2.77 despite no fundamental development.

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USWS is the leader of electrical frac stimulation that provides hydraulic fracturing services. The company’s electric fracture technology delivers a fully electric mobile stimulation system driven by local natural gas.

USWS Announced Nyx Clean Fleet Deal

On 4th March 2022, USWS has delivered multiple updates on its current commercial activities. The company revealed entering into a deal to supply electric hydraulic frac services to a client working in Appalachia for 1.5 years.

USWS announced to deliver a newbuild Nyx Clean Fleet that expects to start functioning by November 2022. Additionally, the company modified its existing agreements to mitigate supply-chain upheavals to client operations.

Amendments in Term C Loans

USWS also announced signing amendments to its term loan agreement that authorizes the company to lend Term C Loans. As part of the $21.5M Loan advance, USWS issued roughly 15.0M warrants to buy Class A common stock shares at an exercise price of US$1.11 per share. The company will use the proceeds from the Term C Loans to fund its capital expenditures and other general purposes.

Management Comments

President and Chief executive officer of USWS, Joel Broussard, commented that he is satisfied with their current commercial growth. Their latest deal to secure Nyx Clean Fleet demonstrates the company’s victory. Their commercial team has worked hard to uncover innovative, creative, and collective routes to restructure client contracts in a way that enhances the connection between USWS and its consumers.

Mr. Joel added that the issuance of this Loan improves the company’s short-term liquidity. Moreover, it supplies capital to fund its Nyx Clean Fleet platform. USWS is well-positioned to capitalize on its pressure-pumping business since the demand for household oil and gas surges.