Shoals Technologies Group, Inc. Announces Changes to its Board of Directors

Rhea-AI Summary

Shoals Technologies Group (Nasdaq: SHLS) announced the resignation of Jason Lee and Frank Cannova from its Board of Directors. The Board expressed gratitude for their contributions and is currently exploring options for appointing a new independent director to address the resulting vacancy. Shoals, a leader in electrical balance of systems solutions for solar, storage, and electric vehicle charging infrastructure, has deployed over 20 GW of solar solutions worldwide, demonstrating its influence in the renewable energy sector.

Positive

• Exploring new independent director appointment may bring fresh perspectives.

Negative

• Departure of board members could lead to continuity concerns.

PORTLAND, Tenn., July 19, 2021 (GLOBE NEWSWIRE) -- Shoals Technologies Group, Inc. (“Shoals” or the “Company”) (Nasdaq: SHLS), a leading provider of electrical balance of systems (“EBOS”) solutions for solar, storage, and electric vehicle charging infrastructure, today announced the resignation of Jason Lee and Frank Cannova, Vice President at Oaktree Capital, from the Company’s Board of Directors.

The Board of Directors would like to thank Mr. Lee and Mr. Cannova for their contribution to Shoals and wish them well in their future endeavors.

Shoals and the Board are currently evaluating alternatives with respect to appointing a new independent director to fill a current vacancy.

About Shoals Technologies Group, Inc.

Shoals Technologies Group, Inc. is a leading provider of electrical balance of systems (“EBOS”) solutions for solar, storage, and electric vehicle charging infrastructure. Since its founding in 1996, the Company has introduced innovative technologies and systems solutions that allow its customers to substantially increase installation efficiency and safety while improving system performance and reliability. Shoals Technologies Group, Inc. is a recognized leader in the renewable energy industry whose solutions are deployed on over 20 GW of solar systems globally. For additional information, please visit: https://www.shoals.com/.

Forward Looking Statements

This press release contains forward looking statements, including statements regarding the initial public 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 those in the Company's registration statement filed with the Securities and Exchange Commission.

Contacts:

Investors:
Email: investors@shoals.com
Phone: 615-323-9836

Media:
Email: media@shoals.com

FAQ

What changes occurred in the Shoals Technologies Group board on July 19, 2021?

On July 19, 2021, Jason Lee and Frank Cannova resigned from the Shoals Technologies Group Board of Directors.

What impact does the board resignation have on Shoals Technologies Group?

The resignation may raise concerns about continuity and governance, but the Board is actively seeking a new independent director.

How many solar systems does Shoals Technologies Group have deployed?

Shoals Technologies Group's solutions are deployed on over 20 GW of solar systems globally.

How is Shoals Technologies Group positioned in the renewable energy industry?

Shoals is recognized as a leading provider of electrical balance of systems solutions for solar, storage, and electric vehicle charging infrastructure.