Statement of Changes in Beneficial Ownership (4)
July 21 2021 - 4:49PM
Edgar (US Regulatory)
FORM 4
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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES
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3235-0287
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Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934 or Section 30(h) of the Investment Company Act of 1940
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1. Name and Address of Reporting Person
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Solon Dean |
2. Issuer Name and Ticker or Trading Symbol
Shoals Technologies Group, Inc.
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SHLS
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5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
__X__ Director __X__ 10% Owner _____ Officer (give title below) _____ Other (specify below)
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(Last)
(First)
(Middle)
1400 SHOALS WAY |
3. Date of Earliest Transaction
(MM/DD/YYYY)
7/19/2021 |
(Street)
PORTLAND, TN 37148
(City)
(State)
(Zip)
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4. If Amendment, Date Original Filed
(MM/DD/YYYY)
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6. Individual or Joint/Group Filing
(Check Applicable Line)
___ Form filed by One Reporting Person
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X
_ Form filed by More than One Reporting Person
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Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
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1.Title of Security (Instr. 3)
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2. Trans. Date
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2A. Deemed Execution Date, if any
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3. Trans. Code (Instr. 8)
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4. Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)
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5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)
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6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)
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7. Nature of Indirect Beneficial Ownership (Instr. 4)
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Code
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V
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Amount
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(A) or (D)
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Price
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Class B Common Stock, par value $0.00001 per share | 7/19/2021 | | D(2) | | 5000000 (1)(2)(4)(5) | D | (2) | 58080582 (1)(3)(4)(5) | D | |
Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
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1. Title of Derivate Security (Instr. 3) | 2. Conversion or Exercise Price of Derivative Security | 3. Trans. Date | 3A. Deemed Execution Date, if any | 4. Trans. Code (Instr. 8) | 5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5) | 6. Date Exercisable and Expiration Date | 7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4) | 8. Price of Derivative Security (Instr. 5) | 9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4) | 10. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 4) | 11. Nature of Indirect Beneficial Ownership (Instr. 4) |
Code | V | (A) | (D) | Date Exercisable | Expiration Date | Title | Amount or Number of Shares |
Common Units | (6) | 7/19/2021 | | D (2) | | | 5000000 (1)(2)(4)(5) | (6) | (6) | Class A Common Stock | 5000000 (1)(2)(4)(5) | (2) | 58080582 (1)(3)(4)(5) | D | |
Explanation of Responses: |
(1) | This Form 4 is being filed jointly by (each, a "Reporting Person" and, collectively, the "Reporting Persons") (i) Dean Solon, (ii) Solon Holdco I, GP ("Holdco I"); (iii) Solon Holdco II, GP ("Holdco II") and (iv) Solon Holdco III, LLC ("Holdco III"). |
(2) | Represents 50,000, 1,650,000 and 3,300,000 common units ("Common Units") in Shoals Parent LLC ("Parent"), together with a corresponding number of shares of Class B Common Stock, par value $0.00001 per share ("Class B Common Stock") of Shoals Technologies Group, Inc. (the "Issuer"), transferred by Dean Solon, Holdco I and Holdco II, respectively, to the Issuer in connection with the closing of an underwritten public offering (the "Follow-on Offering") of the Issuer's Class A Common Stock, par value $0.00001 per share ("Class A Common Stock"), at a price of $27.02 (the per-share price paid by the underwriters for shares of Class A Common Stock in the Follow-on Offering) for one Common Unit and one share of Class B Common Stock. |
(3) | Upon the consummation of the Follow-on Offering, (i) Dean Solon directly holds 580,806 Common Units in Parent and an equal number of Class B Common Stock, (ii) Holdco I directly holds 19,166,592 Common Units in Parent and an equal number of Class B Common Stock, and is controlled by its general partners, Dean Solon and Holdco III, and (iii) Holdco II directly holds 38,333,184 Common Units and an equal number of Class B Common Stock, and is controlled by its general partners, Dean Solon and Holdco III. Holdco III is fully owned by Dean Solon. |
(4) | Each of the Reporting Persons expressly disclaims beneficial ownership of the equity securities reported herein, except to the extent of their respective pecuniary interests therein, and the filing of this Form 4 shall not be construed as an admission that any such Reporting Person is the beneficial owner of any equity securities covered by this Form 4. |
(5) | The Reporting Persons are jointly filing this Form 4 pursuant to Rule 16a-3(j) under the Exchange Act. |
(6) | Pursuant to the Third Amended and Restated Limited Liability Company Agreement of Parent, Dean Solon, Holdco I and Holdco II may, subject to certain exceptions, from time to time at each of their options require Parent to redeem all or a portion of their Common Units (together with an equal number of Class B Common Stock) in exchange for, at the Issuer's election (determined solely by a majority of the Issuer's directors who are disinterested), newly issued shares of Class A Common Stock on a one-for-one basis or a cash payment equal to a volume-weighted average market price of one share of Class A Common Stock for each Common Unit so redeemed. |
Reporting Owners
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Reporting Owner Name / Address | Relationships |
Director | 10% Owner | Officer | Other |
Solon Dean 1400 SHOALS WAY PORTLAND, TN 37148 | X | X |
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Solon Holdco I, GP 1400 SHOALS WAY PORTLAND, TN 37148 |
| X |
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Solon Holdco II, GP 1400 SHOALS WAY PORTLAND, TN 37148 |
| X |
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Solon Holdco III, LLC 1400 SHOALS WAY PORTLAND, TN 37148 |
| X |
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Signatures
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/s/ Mehgan Peetz, as Attorney-in-Fact for Dean Solon | | 7/21/2021 |
**Signature of Reporting Person | Date |
/s/ Mehgan Peetz, as Attorney-in-Fact for Solon Holdco I, GP | | 7/21/2021 |
**Signature of Reporting Person | Date |
/s/ Mehgan Peetz, as Attorney-in-Fact for Solon Holdco II, GP | | 7/21/2021 |
**Signature of Reporting Person | Date |
/s/ Mehgan Peetz, as Attorney-in-Fact for Solon Holdco III, LLC | | 7/21/2021 |
**Signature of Reporting Person | Date |
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