Benzinga | Jul 13, 2021 06:25AM EDT

Shoals Technologies Seeks To Raise Capital Via Secondary Equity Offering Of 13.38 Mln Shares

* Shoals Technologies Group Inc (NASDAQ:SHLS) offered 13.38 million shares in a secondary equity offering.

* It includes 4.99 million shares offered by certain selling stockholders, including an entity controlled by Oaktree Capital Management, L.P., and Mehgan Peetz, the General Counsel.

* The estimated gross proceeds for the company are $296.16 million, based on last closing price of $35.28.

* Shoals will not receive any proceeds from the selling stockholders.

* The underwriters have a 30-day option to purchase additional shares up to 2 million.

* The offering proceeds will help acquire equity interests in its operating subsidiary from certain holders, including its founder Dean Solon, Director Brad Forth, CEO Jason Whitaker, and CFO Philip Garton.

* Shoals held $4.2 million in cash and equivalents as of Mar. 31, 2021.

* The stock gained 17.5% last month.

* Price action: SHLS shares closed lower by 0.28% at $35.28 on Monday.