Flex Announces Record And Distribution Dates For Nextracker Spin-Off And Related Singapore High Court Approval
Portfolio Pulse from Benzinga Newsdesk
Flex (NASDAQ:FLEX) has set December 29, 2023, as the record date for the spin-off of its interest in Nextracker Inc. to Flex shareholders, with the distribution date on January 2, 2024. Shareholders will receive one share of Yuma Inc. for each Flex share held, which will then be converted into approximately 0.17 shares of Nextracker Class A common stock after Yuma merges with a Nextracker subsidiary. The Singapore High Court has approved the necessary steps under Singapore law, and no further action is required from Flex shareholders. The distribution and merger are based on the Merger Agreement from February 7, 2023, and may be delayed if conditions are not met. Shareholders are advised to consult tax advisors regarding the consequences of the transaction.
December 18, 2023 | 9:06 pm
News sentiment analysis
Sort by:
Descending
POSITIVE IMPACT
Flex has announced the record and distribution dates for the spin-off of Nextracker, with shareholders receiving Yuma Inc. shares that will convert into Nextracker stock. The Singapore High Court has approved the transaction.
The announcement of the spin-off record and distribution dates is a significant step in Flex's corporate restructuring. This event is likely to be viewed positively by the market as it provides clarity and progresses the previously announced strategic plans. The approval by the Singapore High Court also removes a legal hurdle, potentially increasing investor confidence. The transaction could lead to an increase in Flex's stock price in the short term due to anticipated value unlocking from the spin-off.
CONFIDENCE 90
IMPORTANCE 90
RELEVANCE 100