Shoals Technologies falls after announcing stock offering, CEO departure

Shoals Technologies

01/12/2022 12:59

** Shoals Technologies Group Inc's  SHLS.O  shares down ~10%
at $26 premarket after solar components supplier announces stock
offering and CEO succession plan
    ** SHLS late Weds launched 20 mln share offering
 urn:newsml:reuters.com:*:nGNX1LJfzl
    ** Co looks to offer 2 mln shares and its founder Dean Solon
to sell 18 mln shares
    ** Also, co said CEO Jason Whitaker would step down next
year for health reasons, and it is searching for his
successor urn:newsml:reuters.com:*:nGNX5324fq
    ** JP Morgan Securities, Guggenheim and Morgan Stanley jt
bookrunners for stock offering, which is slated to price Thurs
after the bell
    ** SHLS has ~167.3 mln shares outstanding (combined Class A,
B shares)
    ** Through Weds close, shares have tripled from their Apr
record low ($9.58) and surged 25% in Nov
    ** On Nov 14, co posted Q3 beat and raised lower end of FY22
forecast as order backlog jumped 74% yr/yr
 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-332-219-1430))