Atlas Energy Solutions (AESI) investor relations material

Executive summary

• Proposal would convert the Delaware corporation into a Texas corporation, continuing under the same name and business; each share converts one-for-one, with no certificate exchange or expected trading interruption.

• Board and Evaluation Committee unanimously endorsed the conversion; the proposed effective date remains a placeholder for 2026, subject to stockholder approval and required state filings.

• Rationale includes aligning domicile with Texas operations, potential governance predictability, reduced litigation exposure, franchise-tax savings and management-time savings; benefits are not assured.

Voting matters and shareholder proposals

• Stockholders vote on the Texas reincorporation and a proposal authorizing one or more adjournments to solicit additional proxies if needed; the Board recommends FOR both.

• Reincorporation requires FOR votes from a majority of outstanding shares; abstentions and broker non-votes count against it. Adjournment requires a majority of voting power present and entitled to vote.

• The Board may adjourn the meeting in good faith to seek additional votes, including after receiving proxies sufficient to defeat reincorporation; it currently does not intend to adjourn if approval votes are sufficient.

• Rule 14a-8 proposals for the 2027 annual meeting must be received by November 27, 2026; other proposals and nominations have a January 7–February 6, 2027 window, subject to meeting-date changes and bylaw rules.

Board of directors and corporate governance

• A three-member Evaluation Committee, formed in May 2026, met six times from June 23 to September 8, reviewed legal advice and governing-document drafts, and unanimously recommended reincorporation; the full Board approved it unanimously on September 9.

• Proposed Texas documents retain classified directors and a 66 2/3% shareholder threshold for director removal for cause; the Board sets its size and may fill vacancies, subject to Texas-law limits.

• Texas documents set a 1% ownership threshold for derivative proceedings, designate Texas Business Court as the primary forum for internal entity claims, and waive jury trials for specified claims.

• Proposed Texas law permits shareholder-requested special meetings at a 50% ownership threshold, or the highest percentage permitted by law; written shareholder action requires unanimous consent.