Array Technologies, Inc. Announces Pricing of Upsized Secondary Offering of 31,875,000 Shares
December 03 2020 - 5:32AM
Array Technologies, Inc. (NASDAQ: ARRY) (the “Company”) today
announced the pricing of an upsized secondary offering by a parent
entity of the Company controlled by Oaktree Capital (the “Selling
Stockholder”) of 31,875,000 shares of common stock of the Company
at a price to the public of $35.00 per share. In addition, the
Selling Stockholder granted the underwriters a 30-day option to
purchase up to an additional 4,781,250 shares at the public
offering price, less underwriting discounts and commissions. The
Company will not receive any proceeds from the sale of shares by
the Selling Stockholder. The Company's common stock is listed on
the Nasdaq Global Market under the symbol “ARRY.” The offering is
expected to close on December 7, 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 is also acting as a joint
book-running manager and Credit Suisse, Morgan Stanley, Barclays
and UBS Investment Bank are acting as book-runners. Cowen and
Oppenheimer & Co. Inc. are acting as co-managers.
A registration statement relating to this offering was declared
effective by the Securities and Exchange Commission on December 2,
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: 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.
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.
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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