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Defense Speak Interpreted: SWaPing Nanosatellites for Defense SystemsFlex Announces Completion of the Spin-Off of its Remaining Interest in Nextracker
January 4, 2024 | FlexEstimated reading time: Less than a minute
Flex announced the completion of the spin-off of all of its remaining interest in Nextracker Inc. to Flex shareholders on a pro rata basis.
Under the previously disclosed terms of the transaction, Flex shareholders received approximately 0.17 shares of Nextracker Class A common stock for every Flex ordinary share held as of the record date of December 29, 2023, with 74,432,619 shares of Nextracker Class A common stock issued to Flex shareholders in the aggregate. Flex shareholders will receive cash in lieu of any fractional shares.
As a result of the completion of the spin-off, Flex no longer directly or indirectly holds any shares of Nextracker common stock or any securities convertible into or exchangeable for shares of Nextracker common stock. Flex ordinary shares will continue to trade on Nasdaq under the ticker symbol "FLEX" and shares of Nextracker Class A common stock will continue to trade on Nasdaq under the ticker symbol "NXT".
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