“We believe the share repurchase program can create value for our shareholders and underscores the confidence that the board and management have in Shoals’ business and long-term growth potential,” commented
In connection with the share repurchase authorization, Shoals entered into an Accelerated Share Repurchase agreement (“ASR”) with
Other than with respect to the ASR, the repurchase program does not obligate Shoals to repurchase shares of Class A common stock and the specific timing and amount of repurchases will vary based on available capital resources and other financial and operational performance metrics, market conditions, securities law limitations, and other factors.
About
Forward-looking Statements:
This press release contains certain forward-looking statements, that are based on the Company’s management’s beliefs and assumptions and on information currently available to the Company’s management. These forward-looking statements relate to, among other things, the impact of the share repurchase program on shareholder value creation, the long-term growth potential of the Company, the Company’s other uses of cash flow, total number of shares of Class A common stock to be delivered at the final settlement of the ASR transaction, the estimated timing of the final settlement of the ASR transaction, and whether the Company will conduct any other repurchases and the expected timing of completion of the Company’s repurchase program. Forward-looking statements include statements that are not historical facts and can be identified by terms such as “anticipate,” “believe,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “seek,” “should,” “will,” “would” or similar expressions and the negatives of those terms.
Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the Company’s actual results, performance, or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Some of the key factors that could cause actual results to differ from the Company’s expectations include, among other things; the price of the Company’s Class A common stock may decline or be subject to significant volatility; a further increase in interest rates or a reduction in the availability of tax incentives or project debt capital in the global financial markets could make it difficult for end customers to finance the cost of a solar energy system and could reduce the demand for the Company’s products; developments in alternative technologies may have a material adverse effect on demand for the Company’s offerings; the possibility that the Company may not be able to conduct repurchases under the repurchase program, other than the ASR; if demand for solar energy projects does not continue to grow or grows at a slower rate than the Company anticipates, the Company may not be able to achieve the Company’s anticipated level of growth and the Company’s business will suffer; loss of one or more of the Company’s significant customers, their inability to perform under their contracts, or their default in payment could harm the Company’s business and negatively impact revenue, results of operations, and cash flow; and unexpected or otherwise unplanned or alternative uses of the Company’s cash resources.
These and other important risk factors are described more fully in the Company’s most recent Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q and other documents filed with the
Except as required by law, the Company assumes no obligation to update these forward-looking statements, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future.
For media inquiries, please contact:
Investor Relations
Email: investors@shoals.com
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