Array Technologies, Inc. Announces Launch of Secondary Offering of 25 Million Shares
November 30 2020 - 5:15PM
Array Technologies, Inc. (NASDAQ: ARRY) (the “Company”) today
announced that a parent entity of the Company controlled by Oaktree
Capital (the “Selling Stockholder”) has commenced an underwritten
public offering of 25,000,000 shares of the Company’s common stock
pursuant to a registration statement filed with the Securities and
Exchange Commission. Additionally, the Selling Stockholder intends
to grant the underwriters a 30-day option to purchase up to an
additional 3,750,000 shares of the Company’s common stock. The
Company's common stock is listed on the Nasdaq Global Market under
the symbol "ARRY."
The Company will not receive any of the proceeds from the sale
of shares offered by the Selling Stockholder.
Goldman Sachs & Co. LLC and J.P. Morgan are acting as joint
book-running managers and representatives of the underwriters for
the offering. Guggenheim Securities is also acting as a joint
book-running manager. In connection with this offering, Goldman
Sachs & Co. LLC and J.P. Morgan Securities LLC, as
representatives of the several underwriters in Array’s initial
public offering, have agreed to release the restrictions under the
lock-up agreement that was executed in connection with the initial
public offering with respect to the shares of common stock being
offered by the Selling Stockholder, provided that the release of
shares of common stock held by the Selling Stockholder is limited
to the shares actually sold in this offering. In addition, upon the
pricing of this offering, Goldman Sachs & Co. LLC and J.P.
Morgan Securities LLC have agreed to release the restrictions under
each of the lock-up agreements that were entered into by Array’s
directors, executive officers and the Selling Stockholder in
connection with Array’s initial public offering effective on the
date that is 90 days after the date of the prospectus relating to
this offering.
The offering will be made only by means of a prospectus, which
will be filed with the SEC and available on the SEC’s website at
www.sec.gov. Copies of the preliminary prospectus relating to this
offering may be obtained from: Goldman Sachs & Co. LLC,
Attention: Prospectus Department, 200 West Street, New York, NY
10282 (telephone: (866) 471-2526 or email:
prospectus-ny@ny.email.gs.com); J.P. Morgan Securities LLC,
Attention: Broadridge Financial Solutions, 1155 Long Island Avenue,
Edgewood, NY 11717 (telephone: 1-866-803-9204), or by email at
prospectus-eq_fi@jpmchase.com; and Guggenheim Securities, LLC,
Attention: Equity Syndicate Department, 330 Madison, 8th Floor, New
York, NY 10017, by telephone at (212) 518-9658, or by email at
GSEquityProspectusDelivery@guggenheimpartners.com.
A registration statement relating to these securities has been
filed with the SEC but has not yet become effective. These
securities may not be sold, nor may offers to buy be accepted,
prior to the time the registration statement becomes effective.
This press release does not constitute an offer to sell or the
solicitation of an offer to buy these securities, nor shall there
be any sale of these securities in any state or jurisdiction in
which such offer, solicitation or sale would be unlawful prior to
registration or qualification under the securities laws of any such
state or jurisdiction. Any offers, solicitations or offers to buy,
or any sales of securities will be made in accordance with the
registration requirements of the Securities Act of 1933, as
amended.
About Array Technologies, Inc.
Array Technologies is a leading global technology company
providing tracker solutions and services for utility-scale solar
energy projects as one of the world's largest manufacturers of
ground-mounting systems. With efficient installation and terrain
flexibility coupled with high reliability, durability, and
performance, Array delivers a lower levelized cost of energy. The
Company's focus on innovation, combined with its customer-centric
approach, has helped achieve some of the industry's best returns.
Array Technologies is headquartered in the United States with
offices in Europe, Central America, and Australia.
Forward Looking Statements
This press release contains forward looking statements,
including statements regarding the secondary 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.
Media Contact:James McCusker,
203-585-4750jmccusker@soleburytrout.com
Investor Relations
Contact:505-437-0010investors@arraytechinc.com
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