Calumet Specialty Products Partners (NASDAQ:CLMT) announced on Tuesday that its shareholders voted to approve the transformation of its structure from a circumscribed liability partnership to a joint-stock company.

The company said the conversion is expected to close on Wednesday and the common shares New Calumet shares are expected to begin trading on the Nasdaq Stock Exchange on Thursday under the same ticker symbol CLMT.

“This conversion marks the beginning of a new chapter, and we look forward to welcoming new shareholders as we focus on driving shareholder value in 2024 and beyond,” said Calumet (CLMT) CEO Todd Borgmann.