Nextracker, Inc. has successfully completed its separation from Flex Ltd., with Flex shareholders receiving 0.17 shares of Nextracker Class A common stock for every Flex ordinary share held. A total of 74,432,619 Nextracker Class A common stock shares were issued to Flex shareholders. Cash will be given in lieu of fractional shares. Following this spin-off, Flex no longer holds any shares or securities convertible into Nextracker common stock. Nextracker Class A common stock still trades on Nasdaq under the symbol “NXT.” Nextracker’s CEO, Dan Shugar, expressed gratitude for the time with Flex and optimism for the future as an independent player in the growing solar power industry. Goldman Sachs and Davis Polk played advisory roles in the spin-off.
Nextracker’s separation from Flex Ltd complete
Flex shareholders benefit from Nextracker ownership separation, receiving Class A common stock and cash in lieu, as Nextracker continues to trade on Nasdaq under “NXT.” (Image Credit: Nextracker).
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