Shoals Technologies announces 20M share offering of Class A common stock

Shoals Technologies announced the launch of an underwritten public offering of an aggregate of 20M shares of the company’s Class A common stock. The company is offering 2M shares of its Class A common stock, and certain selling stockholders comprising Dean Solon and certain of his affiliates, are offering 18M shares of the company’s Class A common stock. In connection with the consummation of this offering, the company intends to exercise its TRA Termination Right and use the net proceeds from the offering to fund a portion of the TRA Termination Consideration, with the remainder to be paid with cash on hand. The company will not receive any of the proceeds from the sale of Class A common stock offered by the Selling Stockholders. J.P. Morgan Securities, Guggenheim Securities, and Morgan Stanley are acting as joint book-running managers for the offering.