Nextracker Announces Completion of Its Separation from Flex

FREMONT, Calif.--(BUSINESS WIRE)--Nextracker Inc. (Nasdaq: NXT), a leading global provider of intelligent solar tracker and software solutions, today announced the completion of Flex Ltd.’s spin-off of all of its remaining interests in Nextracker to Flex shareholders. This, together with certain other transactions relating to the spin-off also announced by Flex today, resulted in a Nextracker ownership separation from Flex.

“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 the aggregate. Flex shareholders will receive cash in lieu of any 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.”

Advisors

Goldman Sachs & Co. LLC is serving as Nextracker's financial advisor and Davis Polk is serving as Nextracker’s legal advisor in connection with the spin-off.

About Nextracker

Nextracker is a leading provider of intelligent, integrated solar tracker and software solutions used in utility-scale and distributed generation solar projects around the world. Nextracker’s products enable solar panels in utility-scale power plants to follow the sun’s movement across the sky and optimize plant performance. With an operating fleet in over thirty countries, Nextracker leads the solar industry with solar tracker technologies that increase energy production while reducing costs for significant plant ROI. For more information, please visit www.nextracker.com.