WILLOW PARK, Texas, May 15, 2023 /PRNewswire/ -- ProFrac Holding Corp. (NASDAQ: ACDC) ("ProFrac" or the "Company") announced today that Executive Chairman, Matt Wilks, and Chief Executive Office, Ladd Wilks, elected to decline approximately 42% of their recently awarded restricted stock units (RSUs) that were earned through ProFrac Holding Corp.'s 2022 Long Term Incentive Plan. 

Jointly, Messrs. Wilks stated, "In early April, we rejected approximately 42% of our respective restricted stock unit grants to ensure the value of the grant more closely aligns with what we believe is the intrinsic value of our stock and not the current trading price. We believe the stock is undervalued and don't believe the fundamentals are driving the recent decline in the stock trading price."

About ProFrac Holding Corp.

ProFrac Holding Corp. is a technology-focused, vertically integrated energy services company providing well stimulation services, proppants production and other complementary products and services to oil and gas companies engaged in the exploration and production ("E&P") of unconventional oil and natural gas resources throughout the United States. Founded in 2016, ProFrac was built to be the go-to service provider for E&P companies' most demanding hydraulic fracturing needs. ProFrac is focused on employing new technologies to significantly reduce "greenhouse gas" emissions and increase efficiency in what has historically been an emissions-intensive component of the unconventional E&P development process. For more information, please visit the ProFrac's website at www.pfholdingscorp.com.

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SOURCE ProFrac Holding Corp.