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Nextracker Announces Full Exercise of Underwriters' Option to Purchase Additional Shares in Offering of Class A Common Stock
AUSTIN, Texas, June 29, 2023 /PRNewswire/ -- Flex Ltd. (Nasdaq: FLEX) announced today that in connection with its previously announced underwritten offering
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[{"type":"text","content":"AUSTIN, Texas, June 29, 2023 /PRNewswire/ -- Flex Ltd. (Nasdaq: FLEX) announced today that in connection with its previously announced underwritten offering of its subsidiary, Nextracker Inc. (\"Nextracker\") of 14,210,511 shares of Nextracker's Class A common stock (\"Common Stock\") offered by Nextracker and 2,289,489 shares of Common Stock offered by certain stockholders of Nextracker, the underwriters have exercised in full their option to purchase 1,650,000 additional shares of Common Stock from Nextracker and such selling stockholders at the offering price of $36.50 per share, less underwriting discounts and commissions. The offering is expected to close on July 3, 2023, subject to customary closing conditions.\nThe net proceeds from the offering to Nextracker, after deducting the underwriting discounts and commissions and including proceeds from the underwriters' exercise of the overallotment option, are expected to be approximately $552.01 million. The net proceeds from this offering will be used to purchase 15,631,562 Nextracker LLC common units from Yuma, Inc., our indirect wholly-owned subsidiary, and TPG Rise Flash, L.P., an affiliate of the global alternative asset management firm TPG. Nextracker will not receive any proceeds from the sale of the shares of the selling stockholders.\nJ.P. Morgan, BofA Securities, Barclays and Citigroup are acting as joint lead book-running managers for the offering. Truist Securities, HSBC, BNP PARIBAS, Mizuho, KeyBanc Capital Markets and Scotiabank are acting as joint book-running managers for the offering. SMBC Nikko, BTIG, UniCredit Capital Markets, Roth Capital Partners, Craig-Hallum and PJT Partners are acting as co-managers for the offering.\nThe offering will be made only by means of a prospectus. Copies of the prospectus, when available, may be obtained from: the U.S. Securities and Exchange Commission (the \"SEC\") at www.sec.gov; and J.P. Morgan Securities LLC, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, by telephone at (866) 803-9204 or by email at [email protected]; BofA Securities, NC1-022-02-25, 201 North Tryon Street, Charlotte, NC 28255-0001, Attn: Prospectus Department, by email at [email protected]; Barclays Capital Inc., c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, by...