Granite Construction Unwinds Capped Calls, Redeems $273.7M Convertible Notes

Granite Construction Inc. entered into unwind agreements with financial institutions for capped call transactions related to its 3.75% Convertible Senior Notes due 2028. This action follows the company's previous announcement to redeem the outstanding $273.7 million aggregate principal amount of these notes. The Capped Call Counterparties will pay cash to the Company, with the amount determined by a five-day volume-weighted average price of common stock beginning August 4, 2026. The proceeds from these agreements, combined with cash on hand, are expected to settle the note conversions around August 12, 2026.