Granite Ridge Resources Inc. (NYSE: GRNT) said on Wednesday its largest shareholder, Grey Rock Investment Partners, distributed 14 million shares of common stock to limited partners of three affiliated funds, ending its controlling position under NYSE listing standards.
The distribution, completed under Granite Ridge’s existing resale registration statement, did not involve a new share issuance or raise capital for the Dallas-based company. Total shares outstanding remained unchanged, and Granite Ridge received no proceeds from the transaction.
Following the distribution, Grey Rock and its affiliates retain approximately 39% of Granite Ridge’s outstanding common stock. The company is no longer classified as a "controlled company" under NYSE rules and has begun transitioning to a non-controlled governance framework while maintaining its Master Services Agreement and opportunity-sharing arrangements with Grey Rock.
Granite Ridge also announced the expansion of its Board of Directors from seven to nine members with the appointments of Jonathan Adams and John Cocke. The board determined both new members are independent, giving the board a majority of independent directors for the first time.
Adams, appointed to the board, serves as Chief Investment Officer of Mt. Vernon Investments, LP, a Dallas-based family office, where he oversees investment decisions, asset allocation, risk management, and portfolio construction. He holds an MPA and a BBA in Accounting from the University of Texas at Austin McCombs School of Business and joined the firm in 2025.
Cocke, also newly appointed, is a Partner at Corbin Capital Partners, serving as Deputy Chief Investment Officer of Credit and Portfolio Manager of the firm’s Credit Strategies. He joined Corbin in 2006 and previously worked as an analyst in the Global Telecommunications Group at UBS Investment Bank.
