Shoals Technologies tumbles as co prices upsized stock offering

Shoals Technologies

02/12/2022 12:14

** Shoals Technologies Group Inc's  SHLS.O  shares down ~2%
to $22.84 premarket after solar components supplier's equity
offering prices
    ** Co late Thurs announced 26 mln shares at $22.25,
including 24 mln shares sold by its founder Dean Solon
    ** SHLS shares on Thurs tumbled 19.6%, a record one-day
decline, to close at $23.30 after co launched 20 mln share
offering and said CEO Jason Whitaker would step down next year
for health reasons
    ** Offering size represents ~20% of co's free float, per
Refinitiv data
    ** Prior to offering launch late Weds, SHLS shares had
tripled from Apr record intraday low of $9.58 and notched 25%
gain in Nov
    ** Last month, co posted Q3 beat and raised lower end of
FY22 forecast as order backlog jumped 74% yr/yr
    ** SHLS went public in Jan 2021 IPO priced at $25
 (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))