Nextracker Inc. (NASDAQ: NXT) shares began Tuesday slid, as the leading global provider of intelligent solar tracker and software solutions, today announced the completion of Flex Ltd.’s spinoff of all of its remaining interests in Nextracker to Flex shareholders. This, together with certain other transactions relating to the spinoff 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 CEO Dan Shugar, “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.”
Those shares began the trading day fell 70 cents, or 1.5%, to $46.01.
