|6 Months Ended|
Jun. 30, 2022
13. Subsequent Event
On August 1, 2022, a wholly-owned subsidiary of Solaris LLC acquired certain saltwater gathering and disposal facilities, disposal wells and other related assets and related rights pursuant to an asset purchase agreement dated as of August 1, 2022 among such subsidiary, Aris Inc. and the seller of such assets. In connection with the closing of this acquisition and as consideration for the assets, Aris Inc. issued to the seller 3,365,907 shares of Aris Inc.’s Class A common stock and included a small, volumetric-based contingent consideration. Contemporaneously with the issuance of such shares of Class A common stock, Solaris LLC issued 3,365,907 Solaris LLC units to Aris Inc. After giving effect to the issuance of such Solaris LLC units to Aris Inc., as of August 1, 2022, Aris Inc. owned approximately 45% of Solaris LLC.
The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business.
Reference 1: http://www.xbrl.org/2003/role/disclosureRef