WaterBridge Infrastructure (WBI) has formed a special committee of independent directors to evaluate a potential conversion from a Delaware limited liability company to a Texas corporation, the company said Monday.

The water infrastructure company said a primary reason for considering the conversion is to improve eligibility for major indexes, including those maintained by S&P, Russell and CRSP, which generally restrict membership to corporations.

WaterBridge said the committee will assess the potential benefits and risks of a conversion, including its impact on governance and tax treatment.

The company said there is no assurance the committee will recommend or complete a conversion.