AUSTIN,
Texas, June 26, 2023 /PRNewswire/ -- Flex Ltd.
(NASDAQ: FLEX) announced today that its subsidiary, Nextracker Inc.
("Nextracker"), has launched a proposed underwritten offering of
14,210,511 shares of Nextracker's Class A common stock ("Common
Stock") offered by Nextracker and 2,289,489 shares of Common Stock
offered by certain stockholders of Nextracker. The underwriters of
the offering will also have a 30-day option to purchase up to
1,650,000 additional shares of Common Stock from Nextracker
and such selling stockholders. On June 23,
2023, the last reported sale price of Nextracker's Common
Stock on the Nasdaq Global Select Market was $38.63 per share. The offering is subject to
market conditions and there can be no assurance as to whether or
when the offering may be completed, or as to the actual size or
terms of the offering.
Nextracker expects to use all of the net proceeds from the
offering of 14,210,511 shares of Common Stock by Nextracker to
purchase 14,210,511 Nextracker LLC common units from Yuma, Inc.,
our indirect wholly-owned subsidiary, and TPG Rise Flash, L.P., an
affiliate of the global alternative asset management firm TPG.
Nextracker will not receive any proceeds from the sale of the
shares of the selling stockholders.
J.P. Morgan, BofA Securities, Barclays and Citigroup are acting
as joint lead book-running managers for the offering. Truist
Securities, HSBC, BNP PARIBAS, Mizuho, KeyBanc Capital Markets and
Scotiabank are acting as joint book-running managers for the
offering. SMBC Nikko, BTIG, UniCredit Capital Markets, Roth Capital
Partners and PJT Partners will act as co-managers for the
offering.
The offering will be made only by means of a prospectus. Copies
of the preliminary prospectus, when available, may be obtained
from: the U.S. Securities and Exchange Commission (the "SEC") at
www.sec.gov; and J.P. Morgan Securities LLC, c/o Broadridge
Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, by telephone at (866)
803-9204 or by email at prospectus-eq_fi@jpmchase.com; BofA
Securities, NC1-022-02-25, 201 North Tryon Street, Charlotte, NC 28255-0001, Attn: Prospectus
Department, by email at dg.prospectus_requests@bofa.com; Barclays
Capital Inc., c/o Broadridge Financial Solutions, 1155 Long Island
Avenue, Edgewood, NY 11717, by
telephone at (888) 603-5847, or by email at
barclaysprospectus@broadridge.com; and Citigroup, c/o Broadridge
Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, by telephone at (800)
831-9146.
A registration statement relating to these securities has been
filed with the SEC but has not yet become effective. The Common
Stock may not be sold, nor may offers to buy any Common Stock be
accepted, prior to the time the registration statement becomes
effective. This press release shall not constitute an offer to sell
or the solicitation of an offer to buy any securities, nor shall
there be any sale of these securities in any state or jurisdiction
in which such offer, solicitation or sale would be unlawful prior
to registration or qualification under the securities laws of any
such state or jurisdiction. Any offers, solicitations or offers to
buy, or any sales of securities will be made in accordance with the
registration requirements of the Securities Act of 1933, as
amended.
About Flex
Flex (Reg. No. 199002645H) is the manufacturing partner of
choice that helps a diverse customer base design and build products
that improve the world. Through the collective strength of a global
workforce across 30 countries and responsible, sustainable
operations, Flex delivers technology innovation, supply chain, and
manufacturing solutions to diverse industries and end markets.
About Nextracker
Nextracker is a leading provider of intelligent, integrated
solar tracker and software solutions used in utility-scale and
ground-mounted distributed generation solar projects around the
world. Our products enable solar panels in these projects to follow
the sun's movement across the sky and optimize plant
performance.
Flex Contacts
Investors & Analysts
David A. Rubin
Vice President, Investor Relations
David.Rubin@flex.com
Media & Press
Mark Plungy
Director, Corporate Public Relations
Mark.Plungy@flex.com
Nextracker Contact
Media & Press
Kristan Kirsh
Vice President, Global Marketing
kkirsh@nextracker.com
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SOURCE Flex