Brad Jacobs to Lead $1 Billion Equity Investment in CKX Lands

Jacobs Will Continue to Serve as Chairman and CEO of QXO, while Leading a Separate Venture in an Industry to Be Determined

Conference Call to Be Held at 8:30 a.m. Eastern Time Today

GREENWICH, Conn. and LAKE CHARLES, La., Nov. 09, 2026 (GLOBE NEWSWIRE) -- CKX Lands, Inc. (NYSE American: CKX) (“CKX” or the “Company”) and Jacobs Private Equity II, LLC (“JPE”), led by Brad Jacobs, today announced that JPE and minority co-investors have agreed to invest $1 billion in cash in CKX. The equity investment is expected to consist of $900 million from JPE and $100 million from co-investors led by HRTG Partners, formerly Sequoia Heritage. Upon closing, JPE will hold a majority stake in CKX.

Upon closing, Jacobs will become Chairman and CEO of CKX, while continuing to serve as Chairman and CEO of QXO, Inc. CKX will be renamed and operate as a standalone public company platform in an industry to be determined.

Jacobs said, “I love building multibillion-dollar market leaders, and this $1 billion investment marks the launch of my ninth company. After concluding my chairmanships of XPO, GXO, and RXO last year, I now have the capacity to create this new venture while continuing to lead QXO to its massive potential.”

Jacobs has founded and led eight billion-dollar or multibillion-dollar companies over his career, including six iconic public companies: QXO, the second largest publicly traded building products distributor in North America; XPO, the second largest provider of less-than-truckload services in North America; GXO Logistics, the world’s largest pure-play contract logistics provider; RXO, the third largest freight broker in North America; United Rentals, the world’s largest equipment rental provider; and United Waste Systems, the fifth largest U.S. waste management company at the time of its sale. Jacobs and his teams have completed approximately 500 M&A transactions.

Across these companies and industries, Jacobs has applied a consistent formula for shareholder value creation: attract world-class talent, drive operational excellence, implement best-in-class technology, and scale the business through a combination of disciplined M&A and organic growth.

Conference Call

There will be a conference call on Monday, November 9, 2026, at 8:30 a.m. Eastern Time to discuss QXO’s preliminary third-quarter results, business progress, and outlook, as well as Brad Jacobs’ newly announced venture. The call will include a question-and-answer session.

To participate by telephone, dial 1-877-459-3964 toll-free from the U.S. or Canada, or +1-412-902-1023 internationally, and enter passcode 13763799 followed by #. A live webcast will be available at this link.

A replay of the call will be available through November 30, 2026. To access the telephone replay, dial 1-877-660-6853 toll-free from the U.S. or Canada, or +1-201-612-7415 internationally, and enter passcode 13763799.

The Investment Agreement

Under the terms of the Investment Agreement, CKX will, prior to the closing of the equity investment, convert from a Louisiana corporation into a Delaware corporation and effect a holding company reorganization, pursuant to which a newly formed holding company will become the parent company of CKX and the publicly traded company, and each outstanding share of CKX common stock will be converted into one equivalent share of common stock of the new holding company. The Company will also effect a 4.1744380:1 reverse stock split prior to the closing of the equity investment. Upon the closing of the investment and the effectiveness of the reverse stock split, JPE, HRTG Partners and the other co-investors will have: (i) voting, convertible perpetual preferred stock that, in aggregate, is convertible into approximately 219 million shares of the Company’s common stock at a price of $4.57 per share (equivalent to $1.09 per share pre-split); and (ii) warrants to purchase an additional approximately 219 million shares of the Company’s common stock at post-reverse-split exercise prices of: $4.57 per share (equivalent to $1.09 per share pre-split) with respect to 50% of the warrants, $6.85 per share (equivalent to $1.64 per share pre-split) with respect to 25% of the warrants, and $13.70 per share (equivalent to $3.28 per share pre-split) with respect to the remaining 25% of the warrants. Following the closing of the investment, JPE and the co-investors will own approximately 99.78% of the Company’s common stock on a fully convertible/exchangeable basis, before giving effect to the exercise of the warrants.

In addition, CKX will declare an aggregate cash dividend of $20.8 million, equivalent to $10.1312 per share, to its stockholders of record as of a record date shortly prior to the closing of the equity investment, to be funded from proceeds received under the Investment Agreement and cash on hand. The transactions contemplated by the Investment Agreement have been unanimously approved by CKX’s board of directors, and are expected to be completed in early 2027. The transactions are subject to CKX stockholder approval and the satisfaction of other customary closing conditions. Certain CKX stockholders, who collectively hold approximately 28% of the voting power of CKX’s outstanding common stock, have entered into voting agreements, pursuant to which they have agreed to vote their shares in favor of the transactions.

William Gray Stream, President of CKX, said, “We believe this investment will create compelling outcomes for our stakeholders, including the opportunity for our stockholders to receive a substantial upfront cash payment as part of a $20.8 million dividend. We expect our stockholders will benefit from retaining the value of our existing land business while also participating in the potential upside of Brad Jacobs’ future plans for the company.”

Morgan Stanley & Co. LLC is serving as financial advisor to JPE, and Paul, Weiss, Rifkind, Wharton & Garrison LLP is serving as its legal advisor.

TAP Advisors is serving as financial advisor to CKX, and Fishman Haygood is serving as its legal advisor.

Cautionary statement regarding forward-looking statements

This communication contains forward-looking statements. Statements that are not historical facts, including statements about beliefs, expectations, targets or goals, are forward-looking statements. These statements are based on plans, estimates, expectations, projections and goals at the time the statements are made, and readers should not place undue reliance on them. In some cases, readers can identify forward-looking statements by the use of forward-looking terms such as “may,” “will,” “should,” “expect,” “opportunity,” “intend,” “plan,” “anticipate,” “believe,” “estimate,” “predict,” “potential,” “target,” “goal,” or “continue,” or the negative of these terms or other comparable terms. Forward-looking statements involve inherent risks and uncertainties and readers are cautioned that a number of important factors could cause actual results to differ materially from those contained in any such forward-looking statements. Factors that could cause actual results to differ materially from those described in this communication include, among others:

Forward-looking statements included in this communication speak only as of the date each statement is made. None of the Company, JPE or any other person undertakes any obligation to update any of these statements in light of new information or future events, except to the extent required by applicable law.

Additional information and where to find it

In connection with the proposed equity investment, the Company will prepare a proxy statement to be filed with the U.S. Securities and Exchange Commission (the “SEC”). When completed, a definitive proxy statement and a form of proxy will be mailed to the stockholders of the Company. This communication is not a substitute for the proxy statement or for any other document that the Company may file with the SEC in connection with the proposed equity investment. THE COMPANY’S STOCKHOLDERS ARE URGED TO READ THE PROXY STATEMENT REGARDING THE PROPOSED TRANSACTIONS AND ALL OTHER RELEVANT DOCUMENTS FILED OR TO BE FILED WITH THE SEC, INCLUDING ANY AMENDMENTS OR SUPPLEMENTS THERETO, WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION. The Company’s stockholders will be able to obtain, without charge, a copy of the proxy statement (when available) and other relevant documents filed with the SEC from the SEC’s website at www.sec.gov. The Company’s stockholders will also be able to obtain, without charge, a copy of the proxy statement (when available) and other relevant documents from the Company’s website at www.ckxlands.com or by written request to the Company at 2417 Shell Beach Drive, Lake Charles, Louisiana 70601. Documents filed with the SEC by JPE will also be available, without charge, from the SEC’s website at www.sec.gov.

Participants in the solicitation

JPE, Jacobs and the Company and certain of its directors and executive officers may be deemed to be participants in the solicitation of proxies from the Company’s stockholders with respect to the proposed equity investment and the other transactions contemplated by the Investment Agreement. Information about the Company’s directors and executive officers, including a description of their direct and indirect interests, by security holdings or otherwise, can be found under the captions “Beneficial Ownership of Common Stock,” “Executive Compensation,” and “Director Compensation” contained in the proxy statement for the Company’s 2026 Annual Meeting of Shareholders, which was filed with the SEC on April 7, 2026, a copy of which can be obtained for free using the contact information above. To the extent holdings of the Company’s securities by its directors or executive officers have changed since the applicable “as of” date described in its 2026 proxy statement, such changes will be reflected on Statements of Changes in Beneficial Ownership on Form 4 filed with the SEC. Neither JPE nor Jacobs has any direct or indirect interest, by security holding or otherwise, in the Company, except as described in this communication. The interests of the Company and its directors and executive officers with regard to the proposed equity investment may differ from the interests of the Company’s stockholders generally, and stockholders may obtain additional information by reading the proxy statement and other relevant documents regarding the proposed equity investment and the other transactions contemplated by the Investment Agreement, when filed with the SEC.

About CKX Lands

CKX Lands, Inc. is a land management company that earns revenue from royalty interests and mineral leases related to oil and gas production on its land, timber sales, and surface rents.

About Jacobs Private Equity

Jacobs Private Equity is the family office of Brad Jacobs. It was formed to make equity investments in companies positioned to become market leaders.

Contacts

For Jacobs Private Equity:

Media Contact

Steve Lipin/Michael Landau

Gladstone Place Partners

212-230-5930

Investor Contact

Mark Manduca

203-321-3889

Mark.Manduca@jpe.com

For CKX Lands:

William G. Stream

337-493-2399