Nextracker Announces Completion of Its Separation from Flex
02 Janeiro 2024 - 10:57AM
Business Wire
Nextracker Inc. (Nasdaq: NXT), a leading global provider of
intelligent solar tracker and software solutions, today announced
the completion of Flex Ltd.’s spin-off of all of its remaining
interests in Nextracker to Flex shareholders. This, together with
certain other transactions relating to the spin-off also announced
by Flex today, resulted in a Nextracker ownership separation from
Flex.
“We are appreciative of our time with Flex, and are excited
about our future as an independent company and the growth prospects
in the solar power industry,” said Dan Shugar, Nextracker founder
and CEO. “Solar comprises the largest share of new power generation
capacity globally, and Nextracker is well positioned to continue
driving utility-scale and distributed generation solar power as the
world transitions to renewable energy.”
Under the previously disclosed terms of the transactions, Flex
shareholders received approximately 0.17 shares of Nextracker Class
A common stock for every Flex ordinary share held as of the record
date of December 29, 2023, with 74,432,619 shares of Nextracker
Class A common stock issued to Flex shareholders in the aggregate.
Flex shareholders will receive cash in lieu of any fractional
shares.
As a result of the completion of the spin-off, Flex no longer
directly or indirectly holds any shares of Nextracker common stock,
or any securities convertible into or exchangeable for shares of
Nextracker common stock. Nextracker Class A common stock continues
to trade on Nasdaq under the ticker symbol “NXT.”
Advisors
Goldman Sachs & Co. LLC is serving as Nextracker's financial
advisor and Davis Polk is serving as Nextracker’s legal advisor in
connection with the spin-off.
About Nextracker
Nextracker is a leading provider of intelligent, integrated
solar tracker and software solutions used in utility-scale and
distributed generation solar projects around the world.
Nextracker’s products enable solar panels in utility-scale power
plants to follow the sun’s movement across the sky and optimize
plant performance. With an operating fleet in over thirty
countries, Nextracker leads the solar industry with solar tracker
technologies that increase energy production while reducing costs
for significant plant ROI. For more information, please visit
www.nextracker.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20240102284090/en/
Investors & Analysts Mary Lai VP, Investor Relations
Investor@nextracker.com
Media & Press Kristan Kirsh SVP, Global Marketing
Media@nextracker.com +1-650-814-1273
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