FREMONT, Calif., Jan. 2, 2024 –
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.
Investors & Analysts
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VP, Investor Relations
Investor@nextracker.com
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SVP, Global Marketing
Media@nextracker.com
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