Flex (FLEX) announced the completion of the spin-off of all of its remaining interest in Nextracker (NXT) to Flex shareholders on a pro rata basis. Under the previously disclosed terms of the transaction, Flex shareholders received approximately 0.17 shares of Nextracker Class A common stock for every Flex ordinary share held as of the record date of December 29, 2023, with 74,432,619 shares of Nextracker Class A common stock issued to Flex shareholders in the aggregate. Flex shareholders will receive cash in lieu of any fractional shares. As a result of the completion of the spin-off, Flex no longer directly or indirectly holds any shares of Nextracker common stock or any securities convertible into or exchangeable for shares of Nextracker common stock. Flex ordinary shares will continue to trade on Nasdaq under the ticker symbol “FLEX” and shares of Nextracker Class A common stock will continue to trade on Nasdaq under the ticker symbol “NXT”.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
See the top stocks recommended by analysts >>
Read More on FLEX:
- Flex price target raised to $35 from $34 at BofA
- FLEX ANNOUNCES RECORD AND DISTRIBUTION DATES FOR NEXTRACKER SPIN-OFF AND RELATED SINGAPORE HIGH COURT APPROVAL
- 3 Best Stocks to Buy Now, 5/12/2023, According to Top Analysts
- Ciena adds domestic manufacturing through expanded agreement with Flex
- Jabil preannouncement not an incremental near-term negative for Flex, says BofA