California — Nextracker (Nasdaq: NXT), one of the world’s leading providers of intelligent solar tracker and software solutions, announced Flex Ltd.’s plan to effect a spin-off of all of its remaining interests in Nextracker Inc. to Flex shareholders (also announced by Flex in a separate press release), which would result in a separation by Flex from its ownership in Nextracker.
Later today, Nextracker expects to file a registration statement on Form S-4 with the U.S. Securities and Exchange Commission, that includes a preliminary proxy statement of Flex, which will include additional information regarding the spin-off.
The separation from Flex is currently expected to close in fiscal Q4 ending March 31, 2024, but remains subject to a number of conditions, and no assurance can be given that the spin-off will in fact occur.
“We are grateful for our time within Flex, as Flex helped us considerably in maturing our business processes and supporting our expansion into emerging markets, especially in our early years as a young company,” said Dan Shugar, Nextracker Founder and CEO. “We are energized to start our next chapter.”