Benzinga | Jun 29, 2021 06:06AM EDT

Smart Sand, Inc. Enters Into $35M Settlement With US Well Services, LLC

Smart Sand, Inc. (NASDAQ:SND) (the "Company" or "Smart Sand") announced today that it has reached a settlement with U.S. Well Services, LLC ("USW"), a subsidiary of U.S. Well Services, Inc. ("USWS"), in connection with the approximate $50.9 million judgment issued by the Superior Court of the State of Delaware in favor of Smart Sand in its breach of contract case against USW. Under the terms of the settlement, USW has paid to Smart Sand a $35.0 million cash payment and USWS has entered into a two year Right of First Refusal Agreement with Smart Sand 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.