Shoals Technologies Raises $235M Via Secondary Equity Offering At 1.4% Discount - Shoals Technologies Gr (NASDAQ:SHLS)

Shoals Technologies Group, Inc 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.