Cardinal Infrastructure Group Inc. Announces Pricing of Initial Public Offering

RALEIGH, N.C., Dec. 9, 2025 /PRNewswire/ -- Cardinal Infrastructure Group Inc. (NASDAQ: CDNL) ("Cardinal Group"), one of the Southern United States' fastest-growing, full-service turnkey infrastructure services companies, today announced the pricing of its initial public offering of 11,500,000 shares of its Class A Common Stock at a public offering price of $21.00 per share, for total gross proceeds of approximately $241,500,000 million, before deducting underwriting discounts and commissions and other offering expenses. Cardinal Group has granted the underwriters a 30-day option to purchase up to an additional 1,725,000 shares of its Class A Common Stock at the initial public offering price, less underwriting discounts and commissions. Cardinal Group shares are expected to begin trading on the Nasdaq Global Select Market on December 10, 2025 under the ticker symbol "CDNL." The offering is expected to close on December 11, 2025, subject to customary closing conditions.

Stifel and William Blair are acting as joint book-running managers for the offering. D.A. Davidson & Co. is acting as the lead manager for the offering.

A registration statement on Form S-1 relating to this offering was declared effective by the Securities and Exchange Commission on December 9, 2025. The offering is being made only by means of a prospectus. Copies of the final prospectus relating to this offering, when available, may be obtained from: Stifel, Nicolaus & Company, Incorporated, Attention: Syndicate Department, 1201 Wills Street, Suite 600 Baltimore, MD 21231, by telephone at (855) 300-7136 or by email at [email protected] or William Blair & Company, L.L.C., Attention: Prospectus Department, 150 North Riverside Plaza, Chicago, IL 60606, by telephone at (800) 621-0687 or by email at [email protected]. 

This press release does not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. Any offers, solicitations or offers to buy, or any sales of securities will be made in accordance with the registration requirements of the U.S. Securities Act of 1933, as amended.

About Cardinal Group

Headquartered in Raleigh, North Carolina, Cardinal Group is one of the fastest-growing, full-service turnkey infrastructure services companies in the Southeastern United States. Cardinal Group delivers a suite of comprehensive infrastructure services that support the planning, preparation, installation, and development of residential, commercial, industrial, municipal, and state infrastructure projects primarily through in-house teams and equipment, significantly reducing the need for outsourcing or subcontractors which enables industry-leading project execution. Cardinal Group's operations leverage a large highly skilled workforce and a fleet of specialized equipment to deliver wet utility installations (water, sewer, and stormwater systems), as well as grading, site clearing, erosion control, drilling and blasting, paving, and other related site services. As a result, Cardinal Group is becoming the platform of choice for a diverse array of infrastructure construction projects in its target geographies that require high-level technical expertise and sophistication.

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SOURCE Cardinal Infrastructure Group Inc.