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ARRAY TECHNOLOGIES, INC.

(ARRY)
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Array Technologies Shares Fall With Plans for Convertible Notes Offering

11/30/2021 | 11:15am EST

By Robb M. Stewart

Array Technologies Inc.'s shares were under pressure Tuesday after the solar-tracker technology company proposed a $325 million convertible bond offering to help fund the planned acquisition of Soluciones Tecnicas Integrales Norland S.L.

In morning trading, the stock was 11% lower at $20.33, for a drop of more than 50% since the end of last year.

Array late Monday said it planned to offer convertible senior notes due 2028 in a private placement and to grant the initial purchasers of the notes an option to buy in a 13-day period up to an additional $48.75 million of notes.

If the initial investors take up the option, the company said it would enter into additional capped call transactions with the option counterparties. If its deal with STI falls through, Array said it will use the proceeds from the offering to pay the cost of capped call transactions and for general corporate purposes.

With the expected pricing of the notes, Array said it expects to enter into privately negotiated capped call transactions with one or more of the initial purchasers and other financial institutions, which it anticipates will reduce potential dilution to its stock with the conversion of any notes and/or offset any cash payments the company is required to make in excess of the principal amount of converted notes.

Write to Robb M. Stewart at robb.stewart@wsj.com

(END) Dow Jones Newswires

11-30-21 1115ET

All news about ARRAY TECHNOLOGIES, INC.
01/24Truist Securities Adjusts Array Technologies' Price Target to $14 From $27, Keeps Hold ..
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01/13Morgan Stanley Adjusts Array Technologies' Price Target to $18 from $21, Keeps Equalwei..
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01/12ARRAY TECHNOLOGIES : Completes Acquisition of STI Norland Establishes Array as Global Lead..
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01/12ARRAY TECHNOLOGIES, INC. : Entry into a Material Definitive Agreement, Completion of Acqui..
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01/11Array Technologies Closes Acquisition of Spain-Based Soluciones Tecnicas Integrales Nor..
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01/11Array Technologies Completes Acquisition of STI Norland
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01/11Array Technologies Completes Acquisition of STI Norland
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01/11Array Technologies, Inc. completed the acquisition of Soluciones Tecnicas Integrales No..
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01/10Goldman Sachs Adjusts Array Technologies Price Target to $24 From $27, Maintains Buy Ra..
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01/07Piper Sandler Adjusts Price Target on Array Technologies to $21 From $20, Maintains Neu..
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Analyst Recommendations on ARRAY TECHNOLOGIES, INC.
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Financials (USD)
Sales 2021 858 M - -
Net income 2021 -41,4 M - -
Net Debt 2021 210 M - -
P/E ratio 2021 -35,4x
Yield 2021 -
Capitalization 1 652 M 1 652 M -
EV / Sales 2021 2,17x
EV / Sales 2022 1,58x
Nbr of Employees 387
Free-Float 98,9%
Chart ARRAY TECHNOLOGIES, INC.
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Array Technologies, Inc. Technical Analysis Chart | ARRY | US04271T1007 | MarketScreener
Technical analysis trends ARRAY TECHNOLOGIES, INC.
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TrendsBearishBearishBearish
Income Statement Evolution
Consensus
Sell
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Mean consensus OUTPERFORM
Number of Analysts 12
Last Close Price 11,01 $
Average target price 24,10 $
Spread / Average Target 119%
EPS Revisions
Managers and Directors
James M. Fusaro Chief Executive Officer & Director
Nipul M. Patel Chief Financial Officer
J. Bradford Forth Chairman
Jovan Kangrga Chief Information Officer
Thierry Marin-Martinod Chief Technology Officer
Sector and Competitors