Note 9—Shareholders' Equity and Noncontrolling Interest

Shareholders’ Equity

Class A Common Stock

On May 25, 2017, the Company’s stockholders approved at a special meeting the issuance of 26,100,000 shares of Class A Common Stock upon the conversion of 104,400 shares of Series B Preferred Stock issued and sold to affiliates of Riverstone Investment Group LLC in a private placement. The proceeds of the Series B Preferred Stock issuance were used to fund a portion of the cash consideration for the December 2016 Silverback Acquisition.

On May 4, 2017, the Company entered into subscription agreements with certain investors, pursuant to which such investors agreed to purchase, in the aggregate, 23,500,000 shares of Class A Common Stock at a purchase price of $14.50 per share, for gross proceeds of approximately $340.8 million. The closing under the subscription agreements occurred concurrently with the closing of the GMT Acquisition on June 8, 2017 and the proceeds were used to fund a majority of the purchase price of that acquisition.

Warrants

On March 1, 2017, the Company delivered a notice of redemption to holders of the Public Warrants originally sold as part of the Units in the IPO announcing its intention to redeem any Public Warrants that remained unexercised and outstanding after March 31, 2017 for $0.01 per Public Warrant. As permitted under the warrant agreement, the notice of redemption required all holders exercising their Public Warrants prior to March 31, 2017 to do so on a “cashless basis” and surrender their Public Warrants for a number of shares of Class A Common Stock equal to the product of (a) the quotient of (i) the difference between $11.50 and $18.44 (the average last sale price of the Class A Common Stock for the ten trading days ending on February 24, 2017) divided by (ii) $18.44, or approximately 0.376, multiplied by (b) the number of Public Warrants held by such holder, rounded down to the nearest whole share. As of June 30, 2017, all of the Company’s Public Warrants have been either exercised for shares of Class A Common Stock or redeemed for $0.01 per Public Warrant. As a result of all such Warrants exercised, the Company issued in aggregate 6,235,790 shares of Class A common stock to holders of Public Warrants.

As of June 30, 2017, 8,000,000 Private Placement warrants were outstanding. Private Placement Warrants are non-redeemable so long as they are held by the Company’s Sponsor or its permitted transferees.

Noncontrolling Interest

The noncontrolling interest in CRP is represented by 19.2 million shares of Class C Common Stock issued to the Centennial Contributors in connection with the Business Combination and is held by holders other than the Company. As of June 30, 2017, the Company’s noncontrolling interest was 6.9%, which declined from 7.6% as of March 31, 2017, due to the issuance of 23.5 million shares of Class A Common Stock on June 8, 2017. The Company has consolidated the financial position and results of operations of CRP and reflected that portion retained by the other holders as a noncontrolling interest.

The following table summarizes the activity for the equity attributable to the noncontrolling interest income:



	Successor		Predecessor		Successor		Predecessor
(in thousands)	For the Three Months Ended June 30, 2017		For the Three Months Ended June 30, 2016		For the Six Months Ended June 30, 2017		For the Six Months Ended June 30, 2016
Net income attributable to noncontrolling interest	$	2,436	$	—	$	3,320	$	—