Array Technologies, Inc. - ARRY STOCK NEWS

Array Technologies, Inc. (Nasdaq: ARRY) announced a delay in filing its Annual Report on Form 10-K for the fiscal year ended December 31, 2021, citing the need for additional time due to its transition to a large accelerated filer and the evaluation of certain accounting transactions. The delay has resulted in a notification from Nasdaq regarding non-compliance with timely filing requirements. Array must submit a compliance plan within 60 days and may receive an extension of up to 180 days to regain compliance. The company emphasizes that there will be no change in the overall revenue and profitability of contracts.

Array Technologies (NASDAQ: ARRY) has completed the acquisition of STI Norland, positioning itself as the world's largest solar tracker company. This acquisition enhances Array's manufacturing capabilities across three continents and strengthens its presence in the growing Brazilian solar market. STI Norland, a top European manufacturer, reported $416 million in contracts and has shipped over 12 gigawatts of trackers. The merger aims to accelerate international expansion and meet the rising demand for utility-scale solar solutions.

Array Technologies (NASDAQ: ARRY) has appointed Thierry Marin-Martinod as the new Chief Technology Officer, effective December 20, 2021. With over 30 years of experience, Marin-Martinod will enhance Array's product portfolio and R&D efforts. Erica Brinker will take over as Chief Commercial Officer on January 11, 2022, leading corporate strategy and marketing. Travis Rose will serve as Chief Revenue Officer, focusing on sales and global applications engineering. These leadership changes aim to support Array's growth and strengthen its position in the utility-scale solar tracker market.

Array Technologies, Inc. (NASDAQ: ARRY) announced a successful upsized offering of $375 million in 1.00% convertible senior notes due 2028. The offering, expected to close on December 3, 2021, aims to reduce the planned issuance of Series A Preferred Stock for the STI Acquisition cash consideration from $100 million to $50 million. The initial conversion price of the notes is approximately $23.86 per share, a 32.5% premium over previous trading prices. Net proceeds will support the STI Acquisition and corporate expenses, with an estimated $356.9 million available after costs.

Array Technologies, Inc. (NASDAQ: ARRY) announced its intent to offer $325 million in convertible senior notes due 2028, with an option for initial purchasers to acquire an additional $48.75 million. The net proceeds will primarily fund the acquisition of Soluciones Técnicas Integrales Norland, S.L. and other corporate needs. The notes will be senior, unsecured obligations with interest payable semiannually. Array also plans capped call transactions to mitigate dilution. The offering is subject to market conditions and will only be offered to qualified institutional buyers.

Array Technologies (Nasdaq: ARRY) announces the planned retirement of CEO Jim Fusaro, effective by December 31, 2022. Under his leadership, the company grew revenues from $300 million to nearly $1 billion in four years. Fusaro credits the team for navigating supply chain challenges and expanding market leadership. The Board of Directors is actively searching for his successor, with Fusaro committed to a smooth transition and continued focus on growth, margin improvement, and the integration of STI, a recent acquisition.

Array Technologies (Nasdaq: ARRY) reported Q3 2021 revenue of $192.1 million, a 38% increase year-over-year, alongside a net loss of $31.0 million. The company achieved record $1 billion in executed contracts and awarded orders. Despite facing challenges with raw materials and logistics, Array expects improved gross margins as new, higher-margin orders increase. The acquisition of STI Norland will aid in international expansion and enhance margins. However, gross profit fell 65% to $9.3 million, reflecting heightened costs.

Array Technologies (NASDAQ: ARRY) has signed a definitive agreement to acquire STI Norland, a top European solar tracker manufacturer, for approximately €570 million. The merger aims to establish Array as the global leader in solar trackers, enhancing its presence in key markets including Brazil. The combined entity anticipates generating over $200 million in Adjusted EBITDA in 2022. This acquisition is expected to bolster margins and earnings per share significantly, with synergies to be realized post-transaction. The deal is set to close in Q1 2022, pending regulatory approvals.

Array Technologies, Inc. (Nasdaq: ARRY) will announce its third quarter 2021 results on November 11, 2021, post-market. A conference call, accessible at 5:00 p.m. ET, will follow the earnings release. Interested parties can join by phone or listen to a live webcast via the Investor Relations section of the company's website. Additionally, a replay of the call will be available for a limited time after the event. Array is recognized for its advanced solar tracker technology, enhancing energy production and supporting global solar projects.