Nextracker Completes Separation from Flex, Now An Independent Firm

Nextracker Inc. (Nasdaq: NXT), a leading global provider of intelligent solar tracker and software solutions, has 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 , 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.”

Nextracker had a banner 2023, completing a successful IPO in the US at $24 per share, which valued the firm at $3.5 billion. That figure has almost doubled to $6.7 billion, at the last traded price of around $46. The firm is well placed to benefit from a strong expansion in solar capacity worldwide, particularly in key markets like the US, India Europe, Australia and Latin America, where it is already well established.