Shoals Technologies Prices Upsized Offering Of 26 Mln Of Class A Shares At $22.25/Shr

(RTTNews) - Shoals Technologies Group Inc. (SHLS) said that it priced upsized underwritten public offering of an aggregate of 26 million shares of Class A common stock at $22.25 per share.

The company is offering 2 million shares of its Class A common stock, and certain selling stockholders, comprising Dean Solon and certain of his affiliates, are offering 24 million shares of the Company's Class A common stock.

On November 29, 2022, the company entered into an amendment to its Tax Receivable Agreement, pursuant to which the parties thereto agreed to grant the company a right to terminate the Tax Receivable Agreement until December 31, 2022 in exchange for a termination consideration of $58.1 million payable in cash.

The company intends to use the net proceeds from the offering to fund a portion of the TRA Termination Consideration, with the remainder to be paid with cash on hand.

The Selling Stockholders also granted the underwriters a 30-day option to purchase up to an additional 3.90 million shares of Class A common stock.

The company's Class A common stock is listed on the Nasdaq Global Market under the symbol "SHLS." The offering is expected to close on December 6, 2022.