Array Technologies, Inc. Announces Closing of Secondary Offering of 36,656,250 Shares

Rhea-AI Summary

Array Technologies, Inc. (NASDAQ: ARRY) announced the closing of a secondary stock offering controlled by Oaktree Capital, involving 36,656,250 shares at $35.00 each. This includes 4,781,250 shares from the underwriters’ additional purchase option. Array Technologies did not receive proceeds from this sale. The offering was managed by Goldman Sachs, J.P. Morgan, and Guggenheim among others. A registration statement was filed with the SEC, which was declared effective on December 2, 2020. The press release emphasizes Array’s role as a leading provider of solar energy solutions.

Positive

• Company remains a leader in solar technology with a focus on utility-scale projects.
• Strong backing from significant financial institutions for the offering.

Negative

• The secondary offering does not provide new capital to the company, which may concern investors.

ALBUQUERQUE, N.M., Dec. 07, 2020 (GLOBE NEWSWIRE) -- Array Technologies, Inc. (NASDAQ: ARRY) (the “Company”) today announced the closing of the previously announced secondary offering by a parent entity of the Company controlled by Oaktree Capital (the “Selling Stockholder”). The offering consisted of 36,656,250 shares of the Company’s common stock sold by the Selling Stockholder, which included 4,781,250 shares of the common stock following the exercise in full of the underwriters’ option to purchase additional shares of the Company’s common stock from the Selling Stockholder, at the public offering price of $35.00 per share. The Company did not receive any of the proceeds from the sale of shares by the Selling Stockholder. The Company's common stock is listed on the Nasdaq Global Market under the symbol “ARRY.”

Goldman Sachs & Co. LLC and J.P. Morgan acted as joint book-running managers and representatives of the underwriters for the offering. Guggenheim Securities also acted as a joint book-running manager and Credit Suisse, Morgan Stanley, Barclays and UBS Investment Bank acted as book-runners. Cowen and Oppenheimer & Co. Inc. acted as co-managers.

The offering was made only by means of a prospectus, which was filed with the U.S. Securities and Exchange Commission (the “SEC”) and available on the SEC’s website at www.sec.gov. Copies of the final prospectus relating to this offering may be obtained from: Goldman Sachs & Co. LLC, Attention: Prospectus Department, 200 West Street, New York, NY 10282 (telephone: (866) 471-2526 or email: prospectus-ny@ny.email.gs.com); J.P. Morgan Securities LLC, Attention: Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717 (telephone: 1-866-803-9204), or by email at prospectus-eq_fi@jpmchase.com; and Guggenheim Securities, LLC, Attention: Equity Syndicate Department, 330 Madison, 8th Floor, New York, NY 10017, by telephone at (212) 518-9658, or by email at GSEquityProspectusDelivery@guggenheimpartners.com.

A registration statement relating to the offering has been filed with the SEC and declared effective on December 2, 2020. 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.

About Array Technologies, Inc.

Array Technologies is a leading global technology company providing tracker solutions and services for utility-scale solar energy projects as one of the world's largest manufacturers of ground-mounting systems. With efficient installation and terrain flexibility coupled with high reliability, durability, and performance, Array delivers a lower levelized cost of energy. The Company's focus on innovation, combined with its customer-centric approach, has helped achieve some of the industry's best returns. Array Technologies is headquartered in the United States with offices in Europe, Central America, and Australia.

Forward Looking Statements

This press release contains forward looking statements, including statements regarding the secondary offering. These statements are not historical facts but rather are based on the Company’s current expectations and projections regarding its business, operations and other factors relating thereto. Words such as “may,” “will,” “could,” “would,” “should,” “anticipate,” “predict,” “potential,” “continue,” “expects,” “intends,” “plans,” “projects,” “believes,” “estimates” and similar expressions are used to identify these forward looking statements. These statements are only predictions and as such are not guarantees of future performance and involve risks, uncertainties and assumptions that are difficult to predict. Actual results may differ materially from those in the forward looking statements as a result of a number of factors, including those in the Company’s registration statement filed with the Securities and Exchange Commission.

Media Contact:
James McCusker, 203-585-4750
jmccusker@soleburytrout.com

Investor Relations Contact:
505-437-0010
investors@arraytechinc.com

FAQ

What was Array Technologies' secondary offering on December 7, 2020?

Array Technologies closed a secondary offering of 36,656,250 shares controlled by Oaktree Capital at a price of $35.00 per share.

Did Array Technologies receive proceeds from the secondary offering?

No, Array Technologies did not receive any proceeds from the sale of shares in the secondary offering.

Who managed the secondary offering for Array Technologies?

The offering was managed by Goldman Sachs, J.P. Morgan, and Guggenheim, among other financial institutions.

What is the significance of the SEC registration for the offering?

The SEC registration allows the secondary offering to comply with regulatory requirements, which is essential for investor confidence.

What is the ticker symbol for Array Technologies?

Array Technologies is listed under the ticker symbol 'ARRY' on the Nasdaq.