Nextracker, a single-axis solar tracker manufacturer, has completed separation from former parent company Flex, fulfilling any remaining interests for Flex shareholders.
“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.”
Nextracker publicly expressed interest in spinning off from Flex in February 2022 and filed for separation in October 2023. 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.
After the separation, 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.
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