-
- News
- Books
Featured Books
- smt007 Magazine
Latest Issues
Current IssueComing to Terms With AI
In this issue, we examine the profound effect artificial intelligence and machine learning are having on manufacturing and business processes. We follow technology, innovation, and money as automation becomes the new key indicator of growth in our industry.
Box Build
One trend is to add box build and final assembly to your product offering. In this issue, we explore the opportunities and risks of adding system assembly to your service portfolio.
IPC APEX EXPO 2024 Pre-show
This month’s issue devotes its pages to a comprehensive preview of the IPC APEX EXPO 2024 event. Whether your role is technical or business, if you're new-to-the-industry or seasoned veteran, you'll find value throughout this program.
- Articles
- Columns
Search Console
- Links
- Events
||| MENU - smt007 Magazine
Flex Announces Record and Distribution Dates For Nextracker Spin-Off And Related Singapore High Court Approval
December 26, 2023 | FlexEstimated reading time: 1 minute
Flex announced that it has declared December 29, 2023 as the record date for its previously announced spin-off of all of its remaining interest in Nextracker Inc. (Nextracker) to Flex shareholders on a pro rata basis and January 2, 2024 as the distribution date for the spin-off.
The spin-off will be effected pursuant to a distribution of shares of the common stock of Yuma Inc., a wholly-owned subsidiary of Flex (Yuma), to the holders of Flex ordinary shares, with each Flex shareholder as of the record date receiving one share of Yuma common stock for each Flex ordinary share held. Immediately following the distribution, Yuma will merge with and into a wholly-owned subsidiary of Nextracker. As consideration in the merger, Flex shareholders are expected to receive approximately 0.17 shares of Nextracker Class A common stock for every share of Yuma common stock held as of immediately prior to the merger. Flex shareholders will receive cash in lieu of fractional shares. Flex expects both the distribution and the merger to be completed on January 2, 2024.
Flex obtained the approval of the High Court of Singapore necessary to complete the distribution of Yuma common stock to Flex shareholders under applicable Singapore law.
As previously disclosed, Flex shareholders have approved the distribution of Yuma common stock at an extraordinary general meeting of Flex shareholders held on November 20, 2023. Accordingly, no further action is required by Flex shareholders in order to approve the distribution or receive shares of Nextracker Class A common stock.
The distribution and the merger will be effected pursuant to that certain Agreement and Plan of Merger (the "Merger Agreement"), entered into by Flex and Nextracker on February 7, 2023, and disclosed in connection with Nextracker's previously completed initial public offering. The dates set forth above may be delayed subject to satisfaction or waiver of the conditions set forth in the Merger Agreement.
Flex shareholders are urged to consult their financial and tax advisors regarding the particular consequences of the distribution and merger in their situation, including the applicability and effect of any U.S. federal, state, local and non-U.S. tax laws.
Information regarding the distribution and merger can be found in the Registration Statement on Form S-4 filed by Nextracker with the Securities and Exchange Commission ("SEC") on October 25, 2023 and declared effective on October 27, 2023, and in other documents that Flex and Nextracker file with the SEC.
Suggested Items
America Projected to Triple Semiconductor Manufacturing Capacity by 2032, the Largest Rate of Growth in the World
05/08/2024 | SIAThe Semiconductor Industry Association (SIA), in partnership with the Boston Consulting Group (BCG), released a report on the global chip supply chain that projects the United States will triple its domestic semiconductor manufacturing capacity from 2022—when the CHIPS and Science Act (CHIPS) was enacted—to 2032.
Real Time with… IPC APEX EXPO 2024: The Driving World of e-Mobility with Indium
05/08/2024 | Real Time with...IPC APEX EXPOIn the competitive EV market, technology plays a crucial role facing the challenges of infrastructure. As Brian O'Leary explains, Indium's e-Mobility product suite includes proven solder and thermal management products for high reliability.
Incap Releases Unaudited Business Review for January–March 2024
05/08/2024 | IncapRevenue for the first quarter 2024 amounted to EUR 51.4 million (1–3/2023: EUR 72.2 million). Year-on-year the revenue decreased 29.3%, as expected.
Schweizer Electronic: Business Development in Q1 2024
05/08/2024 | Schweizer Electronic AGThe sales of the SCHWEIZER Group amounted to EUR 39.2 million in the first quarter of 2024 (Q1 2023: EUR 37.1 million). This corresponds to an increase of +5.5 percent compared to the same quarter of the previous year.
Key Tronic Announces Results for Q3 of Fiscal Year 2024
05/08/2024 | Globe NewswireFor the third quarter of fiscal year 2024, Key Tronic reported total revenue of $140.5 million, compared to $164.6 million in the same period of fiscal year 2023.