Latest news with #ArrayTechnologies
Yahoo
25-06-2025
- Business
- Yahoo
Array Technologies Announces Pricing of Upsized Offering of Convertible Senior Notes
ALBUQUERQUE, N.M., June 24, 2025 (GLOBE NEWSWIRE) -- Array Technologies, Inc. (NASDAQ: ARRY) (the 'Company' or 'ARRAY') today announced that it has priced an upsized offering of $300 million in aggregate principal amount of 2.875% convertible senior notes due 2031 (the 'Notes') in a private placement (the 'Offering') to persons reasonably believed to be qualified institutional buyers pursuant to Rule 144A of the Securities Act of 1933, as amended (the 'Securities Act'). ARRAY has also granted the initial purchasers of the Notes an option to purchase, for settlement within a 13-day period from, and including the date on which the Notes are first issued, up to an additional $45 million in aggregate principal amount of Notes. The Offering is expected to close on June 27, 2025, subject to the satisfaction of customary closing conditions. The Notes will be senior, unsecured obligations of ARRAY, and will accrue interest at a rate of 2.875% per annum, payable semiannually in arrears on January 1 and July 1 of each year, beginning on January 1, 2026. The Notes will mature on July 1, 2031, unless earlier redeemed, repurchased or converted. ARRAY estimates that the net proceeds from the Offering will be approximately $290.4 million (or approximately $334.1 million if the initial purchasers exercise their option to purchase additional Notes in full), after deducting the initial purchasers' discounts and estimated expenses payable by ARRAY. ARRAY intends to use (i) $150 million of the net proceeds to repay outstanding indebtedness under its term loan facility, (ii) approximately $30.5 million of the net proceeds to fund the cost of entering into the capped call transactions described below and (iii) a portion of the net proceeds to fund repurchases of approximately $100 million in aggregate principal amount of its outstanding 1.00% Convertible Senior Notes due 2028 (the 'Existing Convertible Notes') for approximately $78.3 million in cash, plus accrued and unpaid interest. ARRAY intends to use any remaining net proceeds from the Offering for general corporate purposes, which may include additional repayments or repurchases of outstanding indebtedness. If the initial purchasers exercise their option to purchase additional Notes, ARRAY expects to use a portion of the net proceeds from the sale of the additional Notes to enter into additional capped call transactions. At any time prior to the close of business on the business day immediately preceding April 1, 2031, the Notes will be convertible at the option of the holders of the Notes only upon the satisfaction of specified conditions and during certain periods. On or after April 1, 2031, until the close of business on the second scheduled trading day immediately preceding the maturity date, the Notes will be convertible at the option of the holders of the Notes at any time regardless of these conditions. The initial conversion rate will be 123.1262 shares of ARRAY's common stock per $1,000 principal amount of Notes (equivalent to an initial conversion price of approximately $8.12 per share of ARRAY's common stock). The initial conversion price of the Notes represents a premium of approximately 27.5% over the last reported sale price of ARRAY's common stock on the Nasdaq Global Market (the 'Nasdaq') on June 24, 2025. Upon conversion of the Notes, ARRAY will pay cash up to the aggregate principal amount of the Notes to be converted and pay or deliver, as the case may be, cash, shares of ARRAY's common stock or a combination of cash and shares of ARRAY's common stock, at ARRAY's election, in respect of the remainder, if any, of ARRAY's conversion obligation in excess of the aggregate principal amount of the Notes being converted, based on the then applicable conversion rate. ARRAY may redeem for cash all or any portion of the Notes, at its option, on or after July 6, 2029 and prior to the 41st scheduled trading day immediately preceding the maturity date, if the last reported sale price of ARRAY's common stock has been at least 130% of the conversion price then in effect for at least 20 trading days (whether or not consecutive) during any 30 consecutive trading day period (including the last trading day of such period) ending on, and including, the trading day immediately preceding the date on which ARRAY provides notice of redemption at a redemption price equal to 100% of the principal amount of the Notes to be redeemed, plus accrued and unpaid interest to, but excluding, the redemption date. No sinking fund is provided for the Notes. Subject to certain conditions, if ARRAY undergoes a 'fundamental change' (as defined in the indenture that will govern the Notes), holders of the Notes may require ARRAY to repurchase for cash all or any portion of their Notes at a fundamental change repurchase price equal to 100% of the principal amount of the Notes to be repurchased, plus any accrued and unpaid interest to, but excluding, the fundamental change repurchase date. In addition, upon certain corporate events that occur prior to the maturity date or upon redemption, ARRAY will, under certain circumstances, increase the conversion rate for holders who elect to convert their Notes in connection with any such corporate event or convert their Notes called (or deemed called) for redemption during the related redemption period, as the case may be. In connection with the pricing of the Notes, ARRAY entered into privately negotiated capped call transactions with certain of the initial purchasers or their respective affiliates and certain other financial institutions (the 'option counterparties'). The capped call transactions will cover, subject to anti-dilution adjustments, the number of shares of ARRAY's common stock initially underlying the Notes sold in the Offering. The capped call transactions are expected generally to reduce potential dilution to ARRAY's common stock upon conversion of any Notes and/or offset any cash payments ARRAY is required to make in excess of the principal amount of converted Notes, as the case may be, with such reduction and/or offset subject to a cap based on a cap price initially equal to $12.74 per share which represents a premium of 100% over the last reported sale price of ARRAY's common stock on the Nasdaq on June 24, 2025. ARRAY has been advised that, in connection with establishing their initial hedges of the capped call transactions, the option counterparties or their respective affiliates expect to purchase shares of ARRAY's common stock and/or enter into various derivative transactions with respect to ARRAY's common stock concurrently with or shortly after the pricing of the Notes. This activity could increase (or reduce the size of any decrease in) the market price of ARRAY's common stock or the Notes at that time. In addition, the option counterparties or their respective affiliates may modify their hedge positions by entering into or unwinding various derivatives with respect to ARRAY's common stock and/or purchasing or selling ARRAY's common stock or other securities of ARRAY in secondary market transactions following the pricing of the Notes and prior to the maturity of the Notes (and are likely to do so (x) during any observation period related to a conversion of Notes or following any repurchase of Notes in connection with any 'fundamental change' (as defined in the indenture for the Notes) and (y) following any other repurchase of Notes if ARRAY elects to unwind a portion of the capped call transactions in connection with such repurchase). This activity could also cause or avoid an increase or decrease in the market price of ARRAY's common stock or the Notes, which could affect the ability of noteholders to convert the Notes and, to the extent the activity occurs during any observation period related to a conversion of Notes, it could affect the amount and value of the consideration that noteholders will receive upon conversion of the Notes. In connection with the pricing of the Notes, ARRAY entered into separate and individually negotiated transactions with certain holders of the Existing Convertible Notes to repurchase approximately $100 million in aggregate principal amount of the Existing Convertible Notes for approximately $78.3 million in cash, plus accrued and unpaid interest, using a portion of the net proceeds from the Offering (the 'Existing Convertible Note Repurchases'). Holders of any Existing Convertible Notes that are repurchased as described above may enter into or unwind various derivatives with respect to ARRAY's common stock (including entering into derivatives with one or more of the initial purchasers in the Offering or their respective affiliates) and/or purchase or sell shares of ARRAY's common stock, which may occur concurrently with or shortly after the pricing of the Notes. The Existing Convertible Note Repurchases and the potential related market activities by holders of the Existing Convertible Notes that are repurchased by ARRAY could increase (or reduce the size of any decrease in) or decrease (or reduce the size of any increase in) the market price of ARRAY's common stock, which may affect the trading price of the Notes at that time and the initial conversion price of the Notes. ARRAY cannot predict the magnitude of such market activity or the overall effect it will have on the price of the Notes or ARRAY's common stock. Neither the Notes nor the shares of ARRAY's common stock potentially issuable upon conversion of the Notes, if any, have been, or will be, registered under the Securities Act, the securities laws of any other jurisdiction or any state securities laws and, unless so registered, may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act and applicable state laws. The Notes will be offered and sold only to persons reasonably believed to be qualified institutional buyers in the United States pursuant to Rule 144A under the Securities Act. This news release is for informational purposes only and does not constitute an offer to sell, or a solicitation of an offer to buy, the Notes, nor shall there be any sale of the Notes in any state or jurisdiction in which such offer, solicitation or sale is unlawful. About Array Technologies, Inc. ARRAY Technologies, Inc. (NASDAQ: ARRY) is a leading global provider of solar tracking technology to utility-scale and distributed generation customers, who construct, develop, and operate solar PV sites. With solutions engineered to withstand the harshest weather conditions, ARRAY's high-quality solar trackers, software platforms and field services combine to maximize energy production and deliver value to ARRAY's customers for the entire lifecycle of a project. Founded and headquartered in the United States, ARRAY is rooted in manufacturing and driven by technology - relying on its domestic manufacturing, diversified global supply chain, and customer-centric approach to design, deliver, commission, train, and support solar energy deployment around the world. Media Contact:Nicole Investor Relations Contact:ARRAY Technologies, Relationsinvestors@ Forward-Looking Statements This press release includes 'forward-looking statements' within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words such as 'estimate,' 'plan,' 'project,' 'forecast,' 'intend,' 'will,' 'shall,' 'expect,' 'anticipate,' 'believe,' 'seek,' 'target,' 'continue,' 'could,' 'may,' 'might,' 'possible,' 'potential,' 'predict' or other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements include, but are not limited to, statements regarding the completion of the Offering, the expected amount and intended use of the net proceeds and the anticipated effects of entering into the capped call transactions and the Existing Convertible Note Repurchases. Forward-looking statements involve inherent risks and uncertainties, and important factors (many of which are beyond the Company's control) that could cause actual results to differ materially from those set forth in the forward looking statements, including risks and uncertainties associated with market conditions, including market interest rates, the trading price and volatility of ARRAY's common stock, and risks relating to this Offering, the Company's business and operations and results of financing efforts, including those described in more detail in the Company's Annual Report on Form 10-K for the year ended December 31, 2024, Quarterly Report on Form 10-Q for the quarter ended March 31, 2025 and subsequent reports and other documents on file with the U.S. Securities and Exchange Commission. The forward-looking statements included in this press release speak only as of the date of this press release. Except as required by law, the Company does not undertake, and specifically disclaims, any obligation to update any forward-looking statements to reflect events or circumstances occurring after the date of such statements.
Yahoo
21-06-2025
- Business
- Yahoo
Array Technologies Backed by APA Solar Deal
Array Technologies, Inc. (NASDAQ:ARRY) is among the best small company stocks to invest in. Oppenheimer, a leading global financial institution, reaffirmed its Outperform rating on Array Technologies, Inc. (NASDAQ:ARRY) with a price target of $13.00, citing the company's latest APA Solar acquisition. The announcement came as investors pursue exposure to utility-scale solar activity, a sector poised to grow following the Senate's budget news on Monday. This racking and pilings company is set to be acquired at a valuation of 7.6x trailing twelve-month EBITDA, excluding 45X tax credits, allowing Array Technologies, Inc. (NASDAQ:ARRY) to expand its geographic footprint, mainly in colder and rockier regions where APA Solar is well-positioned. An aerial view of a solar panel farm, its panel incremented tracking the sun's path. Additionally, the agreement will also bring fixed tilt solutions to the company's offerings, establishing Array Technologies, Inc. (NASDAQ:ARRY) as a full-spectrum provider of ground mount infrastructure solutions for solar developers. What's truly exciting is that the company expects to realize at least $31 million in tax savings, with additional synergies across both the supply chain and sales operations. Array Technologies, Inc. (NASDAQ:ARRY) is a New Mexico-based provider of solar tracking technology products with two main segments: Array Legacy Operations and STI Operations. Incorporated in 1987, the company's core offerings include DuraTrack HZ v3, Array STI H250, Array OmniTrack, Array SkyLink, and SmarTrack. While we acknowledge the potential of ARRY as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock. READ NEXT: The Best and Worst Dow Stocks for the Next 12 Months and 10 Unstoppable Stocks That Could Double Your Money. Disclosure: None.
Yahoo
06-06-2025
- Business
- Yahoo
Array Technologies (ARRY) Gained Over 11% This Week. Here is Why.
The share price of Array Technologies, Inc. (NASDAQ:ARRY) surged by 11.78% between May 29 and June 5, 2025, putting it among the Energy Stocks that Gained the Most This Week. Let's shed some light on the development. An aerial view of a solar panel farm, its panel incremented tracking the sun's path. Array Technologies, Inc. (NASDAQ:ARRY) is a leading global provider of solar tracking technology to utility-scale and distributed generation customers, who construct, develop, and operate solar PV sites. Array Technologies, Inc. (NASDAQ:ARRY) fell by over 20% last month after investors reacted negatively to President Trump's sweeping tax and spending bill advancing through the House of Representatives, which may result in the termination of numerous subsidies that have supported the renewable energy sector. The bill is expected to have devastating consequences for the booming solar industry, which relies heavily on such credits. So ARRY's recent rebound could be due to investors flocking in to purchase the stock at a lower, more attractive price. Moreover, it must be mentioned that Array Technologies, Inc. (NASDAQ:ARRY) posted strong results in its Q1 2025 last month, beating forecasts in both revenue and earnings. Moreover, the company achieved the second-largest quarter of volume shipped since 2023 and maintained its guidance for the full year 2025. While we acknowledge the potential of ARRY as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an extremely cheap AI stock that is also a major beneficiary of Trump tariffs and onshoring, see our free report on the best short-term AI stock. READ NEXT: 10 Cheap Energy Stocks to Buy Now and Disclosure: None. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
04-06-2025
- Business
- Yahoo
‘It's Summertime': Goldman Sachs Says Market Looks Resilient — Suggests 2 Stocks to Buy
Summer may still be a few weeks away on the calendar, but the unofficial start to the season has already arrived, bringing with it a surge in consumer confidence. Easily unpack a company's performance with TipRanks' new KPI Data for smart investment decisions Receive undervalued, market resilient stocks right to your inbox with TipRanks' Smart Value Newsletter The Consumer Confidence index showed a sharp spike in May, jumping more than 12 points to a reading of 98.0. That marks a strong turnaround from April, when the index fell to its lowest level in nearly 14 years. Confidence was up after April economic data showed slowing inflation along with improvements in the jobs market. That brings us to a recent note from Goldman Sachs, in which the market intelligence team gives an upbeat outlook on the current situation, pointing out that the US economy 'remains resilient.' Goldman's stock analysts are running with this thesis, and recommending two stocks to buy for the summertime. We've looked them up in the TipRanks database, and found that the Street's wisdom also gives both stocks a 'Buy' rating; let's take a closer look and find out why. Array Technologies (ARRY) We'll start with Array Technologies, a solar energy industry tech firm. Array's specialty is developing solar tracking technology, particularly at the utility scale. Solar tracking systems allow photovoltaic arrays to follow the sun's path across the sky, an important movement for maintaining maximum efficiency while generating energy. The various systems – which include both hardware and software – are key links in the solar energy chain, and make a vital contribution to keeping sustainable energy cost-effective. Array has 30 years of experience behind it, and today boasts offices and markets in the US, Brazil, the UK, Spain, South Africa, and Australia. The company's products include its flagship DuraTrack, which is designed for large, multi-row photovoltaic power arrays, as well as the STI H250 dual-row system for solar sites with fragmented installations, and the company's newest tracking solution, OmniTrack, which adapts the DuraTrack technology to unlevel terrain, giving utility-scale energy producers greater flexibility in choosing locations for new solar arrays. Array also offers products for effective sky tracking, to maximize efficiency, and hail protection, to guard against inclement or extreme weather conditions. Array announced last month the introduction of its Hail XP system, designed to provide industry-leading hail and wind event protection in conjunction with the DuraTrack platform. In the first quarter of this year, Array brought in revenues of $302.4 million, representing an impressive 97% year-over-year growth and beating the forecast by $38 million. At the bottom line, the company's non-GAAP EPS, at 13 cents, was 4 cents per share better than expected. Array finished the quarter with a sound workload – the total executed contracts and awarded orders came to $2 billion as of March 31. For Goldman analyst Brian Lee, the key point here is Array's sound business model and potential for continued success, even should input prices climb. Lee writes, 'We continue to believe that ARRY could see both upside to revenue, margins, and EPS this year as we see several tailwinds emerging through the remainder of the year. On the top line, increases in steel prices could drive incremental upside to the top line as these higher inputs costs are typically passed along 1 for 1 to customers which would result in flat margins but upside to gross profit dollars… We anticipate ARRY's new products, along with the 100% domestic content orders to all be accretive to margins and believe there could be additional upside to margins heading into the back half of the year.' Lee puts a Buy rating on ARRY shares, and his $11 price target implies a robust one-year upside potential of 67%. (To watch Lee's track record, click here) The 17 recent analyst reviews on this stock include 6 Buys and 11 Holds, for a Moderate Buy consensus rating. The stock is currently trading for $6.58, and its $7.63 average target price suggests that it will gain 16% on the one-year horizon. (See ARRY stock forecast) Sotera Health (SHC) Next on today's list of Goldman picks is Sotera Health, a company that works in the healthcare industry, providing mission-critical services such as end-to-end sterilization solutions and lab testing. Sotera operates three distinct business segments—Sterigenics, Nordion, and Nelson Labs—which provide direct services to more than 5,000 customers across 50 countries. Backing its services, Sotera operates 50 sterilization facilities and 12 laboratory and advisory locations, and can provide more than 900 advanced lab tests. The company employs approximately 3,000 people and boasts that its customers include 9 of the top 10 pharmaceutical firms. Sotera's services are used in several important fields, aside from the pharmaceutical industry. Medical device companies turn to Sotera for testing services, and the food industry uses the company's services in quality control to prevent food- or beverage-borne pathogens from reaching consumers. The company's most recent testing advance was announced by Nelson Labs, the Sotera business focused on microbiological and analytical chemistry testing. In March of this year, Nelson Labs announced product-sterility testing through rapid microbiological methods (RMMs), with the new tests performed at locations in the US and Europe. The new approach provides a versatile solution in the field of rapid sterility testing. When it comes to financial results, Sotera showed modest gains in the 1Q25 report, the last set of results to be released. The company's quarterly revenue of $255 million was up 2.8% year-over-year, while the 14-cent non-GAAP EPS was up by a penny. Goldman analyst Matthew Sykes sees this company in a sound position, explaining why the rewards outweigh the risks here, Sykes states, 'SHC represents a defensive growth option within our universe without a meaningful impact from tariffs and no Academic & Government exposure. Additionally, the inherent pricing power in their business could see an acceleration given the expected inflationary environment due to the macro backdrop potentially adding to the top line growth rate as the year progresses. We believe SHC is an attractive way to gain exposure to the continued growth in the Medtech product innovation cycle. While potential litigation remains a risk, we believe the uncertainty has reduced following the recent IL settlement (Sterigenics entered into a $30.9 million settlement to resolve 97 additional ethylene oxide claims related to its former facility in Willowbrook, Illinois), and we expect this risk to lessen over time as they work through the process.' The analyst gives Sotera shares a Buy rating, which is complemented by a $17 price target that suggests a 12-month upside potential of 39.5%. (To watch Sykes' track record, click here) These shares have earned a Moderate Buy consensus rating from the Street, based on 3 recent reviews that break down 2 to 1 in favor of Buy over Hold. The stock is selling for $12.19, and its $15 average price target indicates room for a gain of 23% over the next year. (See SHC stock forecast) To find good ideas for stocks trading at attractive valuations, visit TipRanks' Best Stocks to Buy, a tool that unites all of TipRanks' equity insights. Disclaimer: The opinions expressed in this article are solely those of the featured analysts. The content is intended to be used for informational purposes only. It is very important to do your own analysis before making any investment. Disclaimer & DisclosureReport an Issue
Yahoo
30-05-2025
- Business
- Yahoo
Array Technologies (ARRY) Fell Last Week. Here is Why.
The share price of Array Technologies, Inc. (NASDAQ:ARRY) fell by 8.74% between May 20 and May 27, 2025, putting it among the Energy Stocks that Lost the Most This Week. Let's shed some light on the development. An aerial view of a solar panel farm, its panel incremented tracking the sun's path. Array Technologies, Inc. (NASDAQ:ARRY) is a leading global provider of solar tracking technology to utility-scale and distributed generation customers, who construct, develop, and operate solar PV sites. The share price of Array Technologies, Inc. (NASDAQ:ARRY) fell last week after investors reacted negatively to the House of Representatives advancing President Trump's 'one big beautiful bill', which may end numerous green-energy subsidies that have supported the renewable energy sector. While the industry was already expecting the gradual phase-out of wind and solar tax credits, the latest version of the bill accelerates this timeline, dealing a serious blow to the solar energy industry, which relies heavily on such credits. That said, Array Technologies, Inc. (NASDAQ:ARRY) posted strong results for its Q1 2025 earlier this month, beating expectations in both revenue and earnings. The company reported a strong revenue growth of 97.1% YoY and achieved the second-largest quarter of volume shipped since 2023, indicating solid market share recovery. While we acknowledge the potential of ARRY to grow, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an AI stock that is more promising than ARRY and that has 100x upside potential, check out our report about this cheapest AI stock. READ NEXT: 10 Cheap Energy Stocks to Buy Now and 10 Most Undervalued Energy Stocks to Buy According to Hedge Funds Disclosure: None. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
