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Array Technologies and Shoals Technologies Group Enter into Merger Agreement

The Motley Fool +1 · ·by G4L

ARRY
ARRY Array Technologies Inc
$4.73 -8.86%
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  1. 1Array Technologies and Shoals Technologies Group have signed a merger agreement to build an integrated energy infrastructure platform.
  2. 2The combined entity will consist of 65% ownership by Shoals shareholders and 35% ownership by Array shareholders of the basic outstanding shares.
  3. 3Array Technologies will reduce its preferred stock balance by more than 60%, including $161.3 million in preferred stock to be redeemed within 90 days after the merger closes.

So what's the key point?

Array Technologies and Shoals Technologies Group have decided to join together. Through this merger, they will build a larger energy foundation while reducing the company's debt.

Source The Motley Fool +1 · View original ↗

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