In This Article:
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Shoals Technologies Group Inc (NASDAQ: SHLS) offered 13.38 million shares in a secondary equity offering.
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It includes 4.99 million shares offered by certain selling stockholders, including an entity controlled by Oaktree Capital Management, L.P., and Mehgan Peetz, the General Counsel.
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The estimated gross proceeds for the company are $296.16 million, based on last closing price of $35.28.
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Shoals will not receive any proceeds from the selling stockholders.
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The underwriters have a 30-day option to purchase additional shares up to 2 million.
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The offering proceeds will help acquire equity interests in its operating subsidiary from certain holders, including its founder Dean Solon, Director Brad Forth, CEO Jason Whitaker, and CFO Philip Garton.
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Shoals held $4.2 million in cash and equivalents as of Mar. 31, 2021.
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The stock gained 17.5% last month.
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Price action: SHLS shares closed lower by 0.28% at $35.28 on Monday.
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