Array Technologies, Inc. Announces Pricing of Secondary Offering of 31,054,971 Shares

Rhea-AI Summary

On March 18, 2021, Array Technologies (NASDAQ: ARRY) announced the pricing of a secondary stock offering by a stockholder controlled by Oaktree Capital. A total of 31,054,971 shares will be sold at $28.00 each, with an option for underwriters to buy an additional 4,420,486 shares within 30 days. The offering will close on March 23, 2021, subject to customary conditions. Array Technologies will not receive any proceeds from this sale, and major firms like Goldman Sachs and J.P. Morgan are managing the offering.

Positive

• Successful pricing of a secondary stock offering at $28.00 per share.
• Strong backing from renowned underwriters including Goldman Sachs and J.P. Morgan.

Negative

• No proceeds will be received by the company from the stock offering, limiting capital influx.

ALBUQUERQUE, N.M., March 18, 2021 (GLOBE NEWSWIRE) -- Array Technologies, Inc. (NASDAQ: ARRY) (the “Company”) today announced the pricing of a secondary offering by a stockholder of the Company controlled by Oaktree Capital (the “Selling Stockholder”) of 31,054,971 shares of common stock of the Company at a price to the public of $28.00 per share. In addition, the Selling Stockholder granted the underwriters a 30-day option to purchase up to an additional 4,420,486 shares at the public offering price, less underwriting discounts and commissions. The Company will not receive any 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.” The offering is expected to close on March 23, 2021, subject to customary closing conditions.

Goldman Sachs & Co. LLC and J.P. Morgan are acting as joint book-running managers and representatives of the underwriters for the offering. Guggenheim Securities is also acting as a joint book-running manager and Credit Suisse, Barclays and UBS Investment Bank are acting as book-runners. Cowen, Oppenheimer & Co. Inc., Johnson Rice & Company L.L.C., Roth Capital Partners and Simmons Energy | A Division of Piper Sandler are acting as co-managers.

A registration statement relating to this offering was declared effective by the Securities and Exchange Commission on March 18, 2021. This offering is being made only by means of a prospectus, copies of which may be obtained, when available, 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.

This press release shall 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-mounted 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, but not limited to, those in the Company’s registration statement filed with the Securities and Exchange Commission and those described under the caption “Risk Factors” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020, which are available free of charge on the Securities and Exchange Commission’s website at: www.sec.gov.

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

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

 

FAQ

What is the secondary offering by Array Technologies?

Array Technologies announced a secondary offering of 31,054,971 shares priced at $28.00 each on March 18, 2021.

Who is the selling stockholder in Array Technologies' secondary offering?

The selling stockholder is controlled by Oaktree Capital.

When is the Array Technologies stock offering expected to close?

The offering is expected to close on March 23, 2021, subject to customary closing conditions.

Will Array Technologies receive any money from the secondary offering?

No, Array Technologies will not receive any proceeds from the stock sale.

What is the ticker symbol for Array Technologies?

Array Technologies trades under the ticker symbol 'ARRY' on NASDAQ.