FTC Solar Announces Individual Waiver of Certain Lockup Restriction
FTC Solar, Inc. (Nasdaq: FTCI) has announced that a major shareholder and director will receive a limited waiver from their lock-up agreement, allowing them to pledge common stock as collateral for a margin loan. This waiver takes effect on August 10, 2021, but does not allow for the sale of shares until the lock-up period ends. FTC Solar, founded in 2017, specializes in solar tracker systems that optimize solar energy production, providing an installation cost advantage.
- The waiver allows a significant shareholder to leverage their stake, which may indicate confidence in the company's future performance.
- The ability to pledge shares as collateral may raise concerns about financial stability if the shareholder's loan is called.
Insights
Analyzing...
AUSTIN, Texas, Aug. 06, 2021 (GLOBE NEWSWIRE) -- FTC Solar, Inc. (Nasdaq: FTCI), a fast-growing global provider of solar tracker systems, software and engineering services, today announced that a large shareholder and director of the Company has received a limited waiver from the representatives of the Company’s underwriters under a Lock-Up Letter Agreement that was entered into in connection with the Company’s initial public offering. The waiver is to permit such shareholder to pledge common stock in the Company as collateral for a margin loan, and does not otherwise permit such shareholder to sell common stock prior to the end of the lockup period. The waiver will take effect on August 10, 2021 and the shares of common stock may be pledged on or after such date.
This press release is not an offer for sale of the securities in the United States or in any other jurisdiction where such offer is prohibited, and such securities may not be offered or sold in the United States absent registration or an exemption from registration under the United States Securities Act of 1933, as amended.
About FTC Solar Inc.
Founded in 2017 by a group of renewable energy industry veterans, FTC Solar is a fast-growing, global provider of solar tracker systems, technology, software, and engineering services. Solar trackers significantly increase energy production at solar power installations by dynamically optimizing solar panel orientation to the sun. FTC Solar’s innovative tracker designs provide compelling performance and reliability, with an industry-leading installation cost-per-watt advantage.
Source: FTC Solar, Inc.
Category: Financial News
FTC Solar Investor Contact:
Bill Michalek
Vice President, Investor Relations
FTC Solar
T: (737) 241-8618
E: IR@FTCSolar.com
FTC Solar Media Contact:
Scott Deitz
On behalf of FTC Solar
T: (336) 908-7759
FAQ
What is the significance of the waiver for FTCI shares?
When does the waiver for FTC Solar take effect?
What does FTC Solar specialize in?
What impact does the waiver have on investor confidence in FTC Solar?
