Nextracker (Nasdaq: NXT), one of the world’s leading providers of intelligent solar tracker and software solutions, today announced Flex Ltd.’s plan to effect a spin-off of all of its remaining interests in Nextracker Inc. to Flex shareholders (also announced by Flex in a separate press release), which would result in a separation by Flex from its ownership in Nextracker.
Nextracker expects to file a registration statement on Form S-4 with the U.S. Securities and Exchange Commission, that includes a preliminary proxy statement of Flex, which will include additional information regarding the spin-off. The separation from Flex is currently expected to close in fiscal Q4 ending March 31, 2024, but remains subject to a number of conditions, and no assurance can be given that the spin-off will in fact occur.
“We are grateful for our time within Flex, as Flex helped us considerably in maturing our business processes and supporting our expansion into emerging markets, especially in our early years as a young company,” said Dan Shugar, Nextracker Founder and CEO. “We are energized to start our next chapter.”
About Nextracker
Nextracker is a leading provider of intelligent, integrated solar tracker and software solutions used in utility-scale and distributed generation solar projects around the world. Our products enable solar panels in utility-scale power plants to follow the sun’s movement across the sky and optimize plant performance. With an operating fleet in over thirty countries, Nextracker leads the solar industry with solar tracker technologies that increase energy production while reducing costs for significant plant ROI. For more information, please visit www.nextracker.com.
About Flex
Flex (Reg. No. 199002645H) is the diversified manufacturing partner of choice that helps market-leading brands design, build and deliver innovative products that improve the world. Through the collective strength of a global workforce across approximately 30 countries with responsible, sustainable operations, Flex delivers advanced manufacturing solutions and operates one of the most trusted global supply chains, supporting the entire product lifecycle with fulfillment, after-market and circular economy solutions for diverse industries.