NEW YORK, March 11, 2025 /PRNewswire/ -- Caspian Capital L.P. ("Caspian", "we" or "our") today issued the following statement regarding Martin Midstream Partners L.P. (NASDAQ: MMLP) ("MMLP" or the "Company"):

"We welcomed MMLP's December 26th announcement of the termination of its merger agreement with Martin Resource Management Corporation, and its recognition that unitholders are confident in the value that can be created for unitholders by MMLP continuing to operate as a public, standalone company. We continue to be strong believers in MMLP, and to stand by the potential valuation analyses that we laid out in detail in our prior letters, which are well in excess of the purchase price offered by Martin Resource Management Corporation in the proposed merger. We are gratified that common unitholders will be able to realize the benefit of near- and medium-term developments that we believe will drive value. As a result, we have moved on from our prior efforts to acquire the Company, have ended our work with Nut Tree Capital Management L.P., and have no current plans relating to the control of the Company. We remain focused on monitoring the Company's execution and capital allocation, and engaging with the Company on its efforts to maximize value creation for unitholders as a standalone company."

Letter Highlights False and Misleading Statements Made by MMLP in Attempt to Push Through Merger Enriching Ruben Martin and MRMC at Expense of Other MMLP Unitholders

NEW YORK, Dec. 16, 2024 /PRNewswire/ -- Nut Tree Capital Management L.P. ("Nut Tree") and Caspian Capital L.P. ("Caspian"), which together with their affiliates have combined exposure in Martin Midstream Partners L.P. (NASDAQ: MMLP) ("MMLP" or the "Company") of approximately 13.6% of the outstanding common units, today sent a letter to MMLP's common unitholders urging them to vote "AGAINST" the sale of MMLP to Martin Midstream Resource Corporation ("MRMC") for $4.02 per common unit (the "Merger") at the Company's upcoming meeting of unitholders scheduled for Monday, December 30, 2024 at 10:00 AM Central time.

Presentation Details Why MRMC's Proposed Merger Significantly Undervalues MMLP, the Deeply Flawed Valuation Methodologies and Financial Analysis Used to Justify the Inadequate Merger Consideration, and the Major Conflicts of Interest that Threaten to Enrich Company Insiders at Expense of Unitholders

Remaining as a Publicly Traded MLP Provides a Path to Superior Value for MMLP Unitholders

We Believe Unitholders Stand to Benefit from Imminent and Significant Future Distributions if MMLP Remains Independent

Nut Tree and Caspian File Definitive Proxy Statement and Send Letter to Unitholders Urging them to Vote "AGAINST" the Merger at MMLP's Special Meeting to be Held on December 30, 2024

Nut Tree and Caspian Believe MMLP is Worth Far More than the Per Unit Price in the Merger

Merger is Insider Led Deal Presenting Massive Conflicts of Interest and MMLP Approval Was Based on Flawed and Biased Financial Analysis in Nut Tree and Caspian's View

Nut Tree and Caspian Highlight MMLP's Bright Future Prospects as a Publicly Traded Company, and Path to Superior Value Creation for Unitholders

Nut Tree and Caspian Believe Proposed Sale Significantly Undervalues MMLP and its Future Prospects

Nut Tree and Caspian Intend to File a Proxy Statement and Solicit Proxies to Vote "AGAINST" the Proposed Sale

Nut Tree and Caspian Launch www.ProtectMMLPValue.com

NEW YORK, Oct. 22, 2024 /PRNewswire/ -- Nut Tree Capital Management L.P. ("Nut Tree") and Caspian Capital L.P. ("Caspian"), today announced that they intend to oppose the proposed sale of Martin Midstream Partners L.P. ("MMLP" or the "Company") (Nasdaq: MMLP) to Martin Resource Management Corporation ("MRMC"), an affiliate of the Company's General Partner, for $4.02 per MMLP common unit not already owned by MRMC. Nut Tree and Caspian have combined economic exposure in the Company of approximately 13.2% of the outstanding common units through certain cash-settled derivative agreements and are aligned with MMLP unitholders who are unaffiliated with MRMC in seeking to protect the long-term value of the Company.