Array Technologies, Inc. Announces Pricing of Upsized Initial Public Offering
Array Technologies, Inc. (the “Company”) today announced the
pricing of its upsized initial public offering of 47,500,000 shares
of its common stock at a price to the public of $22.00 per share.
The offering consists of 7,000,000 shares of common stock being
sold by the Company and 40,500,000 shares of common stock being
sold by a parent entity of the Company controlled by Oaktree
Capital (the “Selling Stockholder”). In addition, the Selling
Stockholder granted the underwriters a 30-day option to purchase up
to an additional 7,125,000 shares at the public offering price,
less underwriting discounts and commissions. The Company will not
receive any proceeds from any sale of shares by the Selling
Stockholder. The shares of common stock are expected to begin
trading on the Nasdaq Global Market on October 15, 2020 under the
symbol “ARRY.” The offering is expected to close on October 19,
2020, subject to customary closing conditions.
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 and Morgan Stanley are also
acting as joint book-running managers and Credit Suisse, Barclays
and UBS Investment Bank are acting as book-runners. Cowen,
Oppenheimer & Co. Inc., MUFG and Nomura are acting as
A registration statement relating to this offering was declared
effective by the Securities and Exchange Commission on October 14,
2020. This offering is being made only by means of a prospectus,
copies of which may be obtained, when available, from:
Goldman Sachs & Co. LLC, Attention: Prospectus Department,
200 West Street, New York, NY 10282 (telephone: (866) 471-2526 or
email: email@example.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
firstname.lastname@example.org; 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; and Morgan
Stanley & Co. LLC, Attention: Prospectus Department, 180 Varick
Street, 2nd Floor, New York, NY 10014.
This press release shall 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.
Array Technologies is one of the world’s largest manufacturers
of ground-mounting systems used in solar energy projects. The
Company’s principal product is an integrated system of steel
supports, electric motors, gearboxes, electronic controllers and
software, commonly referred to as a single-axis “tracker.” Trackers
move solar panels throughout the day to maintain an optimal
orientation to the sun, which significantly increases their energy
production. Solar energy projects that use trackers generate up to
25% more energy and deliver a lower levelized cost of energy than
projects that use conventional “fixed tilt” mounting systems. 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 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.
SOURCE Array Technologies, Inc.
Media Contact:James McCusker,