GRAPEVINE, Texas--Southland Holdings, Inc., a leader in specialized infrastructure construction services, has announced the conversion of $20 million in promissory notes due to management members into common stock. After the market closed on December 27, 2024, Southland agreed to issue 5,830,899 shares of common stock at $3.43 per share to Frank Renda, President and CEO; Rudy Renda, Co-COO and Executive VP; and Tim Winn, Co-COO and Executive VP, in exchange for $20 million of outstanding promissory note amounts.

Southland’s President and CEO, Frank Renda, stated, “This conversion represents an important step forward in strengthening our balance sheet while reinforcing our confidence in the long-term value potential of Southland.”

The transaction closed on December 27, 2024, with cash payments made for fractional shares. The shares issued were part of a private placement under Section 4(a)(2) of the Securities Act of 1933 and/or Regulation D, and they are not registered under the Securities Act or state securities laws. As a result, the shares cannot be offered or sold in the U.S. unless under an effective registration statement or exemption.

About Southland

Southland, founded in 1900, is a leading provider of infrastructure construction services. It is one of the largest infrastructure construction companies in North America, with global experience. The company serves multiple sectors, including bridges, tunneling, communications, transportation, steel structures, and water treatment. Headquartered in Grapevine, Texas, Southland operates across various infrastructure markets.

For more information, visit www.southlandholdings.com.

Forward-Looking Statements

This press release contains forward-looking statements as defined by the U.S. Private Securities Litigation Reform Act of 1995. These statements are based on current assumptions and expectations, subject to risks and uncertainties that could cause actual results to differ materially. Southland undertakes no obligation to update any forward-looking statements based on new information or future developments.