- Shoals Technologies Group, Inc (NASDAQ:SHLS) priced 13.4 million shares at $28 per share in a secondary public offering.
- The offer price signifies a 1.4% discount to the company’s Wednesday closing price of $28.41.
- The estimated gross proceeds for the company total $235 million. Shoals will not receive any proceeds from the selling stockholders.
- The offering 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.
- The underwriters have a 30-day option to purchase additional shares up to 2 million.
- 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.
- Price action: SHLS shares traded higher by 1.65% at $28.88 on the last check Thursday.
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