Shoals Technologies slides as founder divests stake

Shoals Technologies

08/03/2023 13:27

** Shares of solar component supplier Shoals Technologies
Group Inc  SHLS.O  down 8.1% at $24.40 premarket on secondary
offering
    ** Co late Tues priced ~24.5 mln shares sold by its founder
Dean Solon at $24.70, 7% discount to last sale
    ** Solon would divest remaining stake if full over-allotment
of ~3.7 mln shares is exercised
    ** Co has ~169.5 mln shares outstanding    
    ** Morgan Stanley sole bookrunner for offering
    ** Through Tues close, SHLS has risen 7.6% YTD amid 88% gain
over the past 12 months
    ** Co IPOd at $25 in Jan 2021

 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-646-279-6380))