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Sunday, May 26, 2024

Flex Subsidiary Nextracker Prices Equity Offering – NEXTracker (NASDAQ:NXT)

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Nextracker Inc NXT has priced its underwritten offering of 14.2 million shares by company and 2.3 million shares by certain stockholders at $36.50 per share.

The offer price represents a 2% discount to the company’s closing price on June 28.

In addition, the underwriters of the offering have been granted a 30-day option to purchase up to 1.65 million additional shares at the offering price.

Nextracker expects to use all of the net proceeds from its offering of 14.2 million shares to purchase an equivalent amount of Nextracker LLC common units from Yuma Inc, an indirect wholly-owned subsidiary of Flex Ltd., and TPG Rise Flash L.P, an affiliate of the global alternative asset management firm TPG Inc TPG.

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The company will not receive any proceeds from the sale of the shares of the selling stockholders.

The offering is expected to close on July 3, 2023.

Price Action: NXT shares closed lower by 1.25% at $37.13 on Wednesday.

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