Shoals Technologies Group, Inc. Announces $150 Million Share Repurchase Program and Entry Into $25 Million Accelerated Share Repurchase Agreement
PORTLAND, Tenn., June 11, 2024 (GLOBE NEWSWIRE) — Shoals Technologies Group, Inc. (“Shoals” or the “Company”) (Nasdaq:SHLS), a leading provider of electrical balance of system solutions for the energy transition market, today announced that its Board of Directors has authorized the repurchase of up to $150 million of the Company’s Class A common stock. The authorization is effective through December 31, 2025 and allows for repurchases to be made in the open market, privately-negotiated transactions, accelerated share repurchases or otherwise in accordance with applicable federal securities laws, including through Rule 10b5-1 trading plans and under Rule 10b-18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Shoals anticipates that share repurchases made pursuant to the authorization will be funded through cash on hand, free cash flow and borrowings under the Company’s credit facilities.