Benzinga | Jul 15, 2021 10:11AM EDT

Shoals Technologies Raises $235M Via Secondary Equity Offering At 1.4% Discount

* Shoals Technologies Group, Inc (NASDAQ:SHLS) priced 13.4 million shares at $28 per share in a secondary public offering.

* The offer price signifies a 1.4% discount to the company's Wednesday closing price of $28.41.

* The estimated gross proceeds for the company total $235 million. Shoals will not receive any proceeds from the selling stockholders.

* The offering 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 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.

* Price action: SHLS shares traded higher by 1.65% at $28.88 on the last check Thursday.