Nextracker, Inc. a provider of intelligent solar tracker and software solutions, announced the completion of Flex Ltd.’s spin-off of its remaining interests.
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.
Founded in 2013, Nextracker was acquired in 2015 by Flex for $330 million, and it has become a leader in the U.S. solar tracker market with its integrated solar tracker and software solutions used in utility-scale and distributed generation solar power plants around the world. The company is known for its innovative technology as well as its dedication to made-in-America products.
“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.”
In June of last year the company announced the opening of its third dedicated steel production line in the U.S. Other steel line locations include Phoenix, Arizona and Corpus Christi, Texas. Nextracker’s president, Howard Wenger, told pv magazine that each of these locations was chosen “to help Nextracker better serve some of its strategic growth and development markets across the U.S.”
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.
Nextracker went public last year and its Class A common stock continues to trade on Nasdaq under the ticker symbol “NXT
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