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Shoals Technologies Group, Inc. Announces Launch of Secondary Offering of 24,501,650 Shares of Class A Common Stock by Selling Stockholders
PORTLAND, Tenn., March 07, 2023 (GLOBE NEWSWIRE) -- Shoals Technologies Group, Inc. (Nasdaq: SHLS) (the “Company”) today announced the launch of an
About this update from Shoals Technologies Group, Inc.
[{"type":"text","content":"PORTLAND, Tenn., March 07, 2023 (GLOBE NEWSWIRE) -- Shoals Technologies Group, Inc. (Nasdaq: SHLS) (the “Company”) today announced the launch of an underwritten public offering of an aggregate of 24,501,650 shares of the Company’s Class A common stock by Solon Holdco I, LLC and Solon Holdco II, LLC, affiliates of Dean Solon (collectively, the “Selling Stockholders”). Additionally, the Selling Stockholders intend to grant the underwriter a 30-day option to purchase up to an additional 3,675,247 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 Company will not receive any of the proceeds from the sale of Class A common stock offered by the Selling Stockholders. Morgan Stanley is acting as the sole book-running manager for the offering. The shares of Class A common stock in this offering are being offered pursuant to an automatically effective shelf registration statement on Form S-3 filed with the Securities and Exchange Commission (“SEC”) on November 30, 2022. A preliminary prospectus supplement and accompanying prospectus relating to and describing the terms of the offering will be filed with the SEC and may be obtained, when available, from: Morgan Stanley & Co. LLC, Attention: Prospectus Department, 180 Varick Street, 2nd Floor, New York, NY 10014; or by accessing the SEC’s website at www.sec.gov. This press release does not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. Any offers, solicitations or offers to buy, or any sales of securities will be made in accordance with the registration requirements of the Securities Act of 1933, as amended. About Shoals Technologies Group, Inc. Shoals Technologies Group, Inc. is a leading provider of electrical balance of system solutions and components for solar, battery storage and electric vehicle charging applications, selling to customers across the United States and internationally. Since its founding in 1996, the Company has introduced innovative technologies and systems solutions that allow its customers to substantially increase...