Latham & Watkins Advises on Cardinal Infrastructure Group Inc.’s US$241.5 Million IPO

Cardinal Infrastructure Group Inc. (NASDAQ: CDNL), one of the Southern United States' fastest-growing, full-service turnkey infrastructure services companies, has announced the pricing of its initial public offering of 11,500,000 shares of its Class A Common Stock at a public offering price of US$21 per share, for total gross proceeds of approximately US$241.5 million, before deducting underwriting discounts and commissions and other offering expenses. Cardinal Group has granted the underwriters a 30-day option to purchase up to an additional 1,725,000 shares of its Class A Common Stock at the initial public offering price, less underwriting discounts and commissions. Cardinal Group shares began trading on the Nasdaq Global Select Market on December 10, 2025, under the ticker symbol "CDNL." The offering is expected to close on December 11, 2025, subject to customary closing conditions.

Latham & Watkins LLP represents the underwriters in the offering with a Capital Markets team led by partners Christopher Lueking and Jonathan Sarna, with associates KC Sands, Omeed Valipour, Janani Hariharan, and Austin Porter. Advice was also provided on tax matters by partner Andrea Ramezan-Jackson, with associates Shiyi Parsons and Nolon Blaylock.