Granite Ridge loses controlled-company status after Grey Rock share deal

Granite Ridge Resources (NYSE: GRNT) announced that affiliates of Grey Rock Investment Partners distributed 14,000,000 shares of Granite Ridge common stock to limited partners of three Grey Rock energy funds, reducing Grey Rock's beneficial ownership to approximately 39% of Granite Ridge's outstanding common stock.

As a result of the distribution, Granite Ridge no longer qualifies as a "controlled company" under New York Stock Exchange listing standards. The company said it has begun transitioning to a non-controlled governance structure and expects to complete the transition within the phase-in periods provided by those standards.

The shares were distributed in kind under Granite Ridge's existing resale registration statement. The transaction was not an underwritten offering, no new shares were issued, the total share count remained unchanged, and Granite Ridge received no proceeds.

The Granite Ridge board of directors expanded from seven to nine members with the appointment of Jonathan Adams and John Cocke, effective August 19, 2026. The board determined that both are independent directors and that a majority of the board is now independent.

Adams serves as Chief Investment Officer of Mt. Vernon Investments, LP, a Dallas-based family office. Cocke is a Partner and Deputy Chief Investment Officer of Credit and Portfolio Manager at Corbin Capital Partners.

The distribution does not alter Granite Ridge's Master Services Agreement with Grey Rock or the agreements governing the company's operated partnerships. Grey Rock remains Granite Ridge's largest shareholder following the transaction.

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