Solar

Nextracker completes its separation from Flex

Nextracker completes its separation from Flex

Nextracker, a U.S. solar tracker manufacturer and now-formerly software solutions company, has finalized its separation from Singapore-based Flex Ltd.

“We are appreciative of our time with Flex, and are excited about our future as an independent company and the growth prospects in the solar power industry,” said Dan Shugar, Nextracker founder and CEO. “Solar comprises the largest share of new power generation capacity globally, and Nextracker is well positioned to continue driving utility-scale and distributed generation solar power as the world transitions to renewable energy.”

Under the previously disclosed terms of the transactions, Flex shareholders received approximately 0.17 shares of Nextracker Class A common stock for every Flex ordinary share held as of the record date of December 29, 2023, with 74,432,619 shares of Nextracker Class A common stock issued to Flex shareholders in aggregate. Flex shareholders will receive cash instead of fractional shares.

As a result of the completion of the spin-off, Flex no longer directly or indirectly holds any shares of Nextracker common stock, or any securities convertible into or exchangeable for shares of Nextracker common stock. Nextracker Class A common stock continues to trade on Nasdaq under the ticker symbol “NXT.”

Nextracker announced the spin-off plans last October, in addition to its Q2 financial results.

Nextracker CEO Dan Shugar recently appeared on the Factor This! podcast, where he discussed his journey from an engineer in the solar group at Pacific Gas & Electric in the late 80s to leading PowerLight to a $335 million acquisition by SunPower. He later served as CEO of module manufacturer Solaria before spinning off the company’s tracker technology to create Nextracker.

Shugar also appeared on Factor This! in 2022 and discussed Nextracker’s decision to invest heavily in U.S. manufacturing amid supply chain constraints and trade disputes facing the solar industry.