Array Technologies, Inc. - ARRY STOCK NEWS

Array Technologies, Inc. (NASDAQ: ARRY) has priced a secondary offering of 31,875,000 shares at $35.00 each, managed by a parent entity controlled by Oaktree Capital. The underwriters hold a 30-day option to purchase an additional 4,781,250 shares. The offering, set to close on December 7, 2020, will not generate proceeds for Array Technologies. Goldman Sachs & Co. LLC and J.P. Morgan are leading the offering, with a registration statement effective since December 2, 2020.

Array Technologies, Inc. (NASDAQ: ARRY) announced that a parent entity controlled by Oaktree Capital has initiated an underwritten public offering of 25,000,000 shares of its common stock. The offering includes an option for underwriters to purchase an additional 3,750,000 shares within 30 days. The company will not receive any proceeds from this sale, as it is made by the Selling Stockholder. Goldman Sachs and J.P. Morgan act as joint book-running managers for this offering. The registration statement is yet to become effective, and securities may not be sold until then.

Array Technologies, Inc. (NASDAQ: ARRY) has partnered with RP Construction Services, Inc. to supply 1 GW of DuraTrack^® HZ v3 single-axis solar trackers. This agreement supports small and medium-sized solar projects in the U.S. and highlights the growth in the distributed generation market. CEO Jim Fusaro emphasized the significance of this partnership in enhancing Array's market presence, following another recent order of over 1 GW from Lightsource bp. RPCS CEO Eb Russell praised Array's products for their reliability and ease of installation.

Array Technologies has secured a major agreement to supply 1GW of its DuraTrack® HZ v3 solar trackers to RP Construction Services, aimed at enhancing capabilities in the distributed generation market. Deliveries are set to begin in December and continue through the end of 2021. This partnership is expected to bolster growth in small-utility and community solar sectors, following a prior order from Lightsource bp earlier in November. The deal underscores the strength and reliability of Array's product offerings, positioning them well in a rapidly expanding market.

Lightsource bp has signed a purchase agreement with Array Technologies (NASDAQ: ARRY) to equip its new global solar portfolio (1.4GW) with DuraTrack^® HZ v3 solar trackers and SmarTrack™ technology. Once operational, this capacity will power over 266,000 households. The DuraTrack HZ v3 offers 7% lower lifetime costs and 31% lower operations costs compared to competitors. This agreement follows a prior deal in December 2019 valued at over $100M. The partnership is expected to enhance project efficiencies and provide competitively priced electricity amidst a growing energy market.

Array Technologies reported Q3 2020 revenue of $139.5 million with a net loss of ($0.06) per share. Adjusted EBITDA was $16.6 million and adjusted income per share was $0.07. For the nine months ended September 30, revenue surged 64% to $692.1 million, while net income soared 431% to $68.8 million. The company anticipates full-year revenue between $845 million and $865 million.

With an order book of $703 million, Array expects substantial growth supported by demand for solar trackers.

Array Technologies (Nasdaq: ARRY) will announce its Q3 2020 results post-market on November 5, 2020. The following day, a conference call is scheduled at 8:00 AM ET, which can be accessed by dialing (855) 327-6837 domestically or (631) 891-4304 internationally. A replay will be available after the call until November 20, 2020. Array Technologies is a leading manufacturer of solar energy ground-mounting tracking systems, enhancing energy production by up to 25% compared to traditional systems.

Array Technologies announced the completion of its upsized initial public offering (IPO) of 54,625,000 shares of common stock at a price of $22.00 per share. The offering included 7,000,000 shares sold by the Company and 47,625,000 shares sold by a parent entity of the Company controlled by Oaktree Capital. The Company did not receive proceeds from shares sold by the Selling Stockholder. Trading under the symbol ARRY commenced on October 15, 2020. The IPO was managed by several financial institutions including Goldman Sachs and J.P. Morgan.

Array Technologies has announced the pricing of its upsized initial public offering (IPO) of 47,500,000 shares at $22.00 per share. The offering includes 7,000,000 shares sold by the Company and 40,500,000 shares from a parent entity controlled by Oaktree Capital. The underwriters have a 30-day option to purchase an additional 7,125,000 shares. The shares will start trading on the Nasdaq under the symbol ARRY on October 15, 2020, with the offering closing on October 19, 2020.