Nextracker Announces Pricing Of Offering Of Class A Common Stock At $36.50/shr

(RTTNews) - Flex Ltd. (FLEX) said that its subsidiary, Nextracker Inc., priced its underwritten offering of 14.21 million shares of Nextracker's Class A common stock offered by Nextracker and 2.29 million shares of common Stock offered by certain stockholders of Nextracker at an offering price of $36.50 per share.

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

In addition, the underwriters of the offering have been granted a 30-day option to purchase up to 1.65 million additional shares of Common Stock at the offering price from Nextracker and such selling stockholders, less underwriting discounts and commissions.

Nextracker expects to use all of the net proceeds from its offering of 14.21 million shares of Common Stock to purchase 14.21 million Nextracker LLC common units from Yuma, Inc., indirect wholly-owned subsidiary, and TPG Rise Flash, L.P., an affiliate of the global alternative asset management firm TPG.

Nextracker said it will not receive any proceeds from the sale of the shares of the selling stockholders.