SolarEdge Technologies, Inc. Prices Common Stock Offering

Rhea-AI Summary

SolarEdge Technologies (NASDAQ: SEDG) has priced an offering of 2,000,000 shares of common stock at $295.00 per share, aiming for gross proceeds of $590.0 million. The offering, led by Goldman Sachs, J.P. Morgan, and Morgan Stanley, will settle on March 22, 2022. Notably, there's an option for underwriters to buy an additional 300,000 shares. The proceeds will support general corporate purposes, potentially including acquisitions, although no agreements are in place currently.

Positive

• Gross proceeds of $590 million can enhance financial flexibility.
• Potential for future acquisitions could lead to growth opportunities.

Negative

• No current acquisition agreements may limit immediate growth prospects.

MILPITAS, Calif.--(BUSINESS WIRE)-- SolarEdge Technologies, Inc. (Nasdaq: SEDG) (“SolarEdge”) today announced the pricing of 2,000,000 shares of its common stock at $295.00 per share (the “Common Stock”), for total gross proceeds of $590.0 million (before deduction for the underwriters’ discount and other offering expenses).

Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC and Morgan Stanley & Co. LLC are acting as joint book-running managers for the Common Stock offering and as the representatives of the underwriters. SolarEdge has granted the underwriters a 30-day option from the date of the prospectus supplement to purchase up to an additional 300,000 shares of its Common Stock upon the same terms as set forth in the underwriting agreement. The sale of the Common Stock to the underwriters is expected to settle on March 22, 2022, subject to customary closing conditions.

SolarEdge intends to use the net proceeds from the offering for general corporate purposes, which may include acquisitions. However, SolarEdge does not have agreements or commitments for any acquisitions at this time.

The offering is being made pursuant to an effective shelf registration statement that has been filed with the Securities and Exchange Commission (the “SEC”). A preliminary prospectus supplement related to the offering of the Common Stock has been filed with the SEC and is available on the SEC’s website at http://www.sec.gov. Copies of the preliminary prospectus supplement and the accompanying prospectus relating to the Common Stock may be obtained from Goldman Sachs & Co. LLC, 200 West Street, New York, New York 10282, Telephone: (866) 471-2526, Attention: Registration Department; J.P. Morgan Securities LLC, c/o Broadridge Financial Solutions, Attention: Prospectus Department, 1155 Long Island Avenue, Edgewood, NY 11717, or via telephone: 1-866-803-9204; or Morgan Stanley & Co. LLC, 180 Varick Street, 2nd Floor, New York, NY 10014, Attention: Prospectus Department.

This press release does not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any offer or sale of, the Common Stock in any state or jurisdiction in which the offer, solicitation, or sale would be unlawful.

Forward-Looking Statements

This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified as such because the statements include information, among other things, concerning: whether the Offering will be completed and the use of proceeds therefrom, our possible or assumed future results of operations; future demands for solar energy solutions; business strategies; technology developments; financing and investment plans; dividend policy; competitive position; industry and regulatory environment; general economic conditions; potential growth opportunities; and the effects of competition. These forward-looking statements are often characterized by the use of words such as “may,” “believe,” “expect,” “anticipate,” “plan,” “project,” “will,” “projections,” “estimate,” or other words of similar import. Similarly, statements that describe future financial performance or plans or strategies are forward-looking statements.

Forward-looking statements are only predictions based on SolarEdge’s current expectations and SolarEdge’s projections about future events. These forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause SolarEdge’s actual results, levels of activity, performance or achievements to be materially different from those expressed or implied by the forward-looking statements. Given these factors, you should not place undue reliance on these forward-looking statements. These factors include, but are not limited to, the matters discussed in the section entitled “Risk Factors” of SolarEdge’s Annual Report on Form 10-K for the year ended December 31, 2021, filed on February 22, 2022, Current Reports on Form 8-K and other reports filed with the SEC. All forward-looking statements included in this release are given only as at the date hereof and SolarEdge assumes no obligation, and disclaims any duty, to update the forward-looking statements in this release.

You should not rely upon forward-looking statements as predictions of future events. The events and circumstances reflected in the forward-looking statements may not be achieved or occur. SolarEdge cannot guarantee future results, levels of activity, performance or achievements. SolarEdge is under no duty to update any of these forward-looking statements after the date of this release or to conform these statements to actual results or revised expectations.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220317006029/en/

Investor Contacts

SolarEdge Technologies, Inc.

Ronen Faier, Chief Financial Officer

+1 510-498-3263

investors@solaredge.com



or



Sapphire Investor Relations, LLC

Erica Mannion or Michael Funari

+1 617-542-6180

investors@solaredge.com

Source: SolarEdge Technologies, Inc.

FAQ

What is the share price for SolarEdge's recent stock offering?

The share price for SolarEdge's recent stock offering is $295.00 per share.

How much does SolarEdge expect to raise from its stock offering?

SolarEdge expects to raise a total of $590.0 million from its stock offering.

Who are the underwriters for SolarEdge's common stock offering?

The underwriters for SolarEdge's common stock offering are Goldman Sachs, J.P. Morgan, and Morgan Stanley.

When is the settlement date for SolarEdge's stock offering?

The settlement date for SolarEdge's stock offering is expected to be on March 22, 2022.

Does SolarEdge have any acquisition agreements in place from its stock offering proceeds?

No, SolarEdge currently does not have any acquisition agreements in place.