Flex Announces Completion Of The Spin-Off Of Its Remaining Interest In Nextracker
Portfolio Pulse from Benzinga Newsdesk
Flex (NASDAQ:FLEX) has completed the spin-off of its remaining interest in Nextracker Inc. (Nextracker), distributing approximately 0.17 shares of Nextracker Class A common stock for every Flex share held as of December 29, 2023. Flex shareholders received 74,432,619 shares of Nextracker in total and will get cash for fractional shares. Post spin-off, Flex holds no Nextracker stock. Flex shares remain on Nasdaq as 'FLEX', and Nextracker trades as 'NXT'.
January 02, 2024 | 2:04 pm
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NEUTRAL IMPACT
Flex has finalized the spin-off of Nextracker, distributing shares to its shareholders and no longer holds any Nextracker stock.
The completion of the spin-off is a significant corporate action for Flex, but since it was previously disclosed and anticipated, the short-term impact on Flex's stock price may be neutral. However, the distribution could lead to adjustments in the valuation of Flex's stock as the market assesses the company's portfolio without Nextracker.
CONFIDENCE 90
IMPORTANCE 75
RELEVANCE 100
NEUTRAL IMPACT
Nextracker Class A common stock continues to trade on Nasdaq under the ticker 'NXT' following the completion of the spin-off from Flex.
Nextracker's stock will continue to trade independently on the Nasdaq, and the completion of the spin-off might not have a direct short-term impact on its stock price. The market has likely already priced in the effects of the spin-off since it was previously announced.
CONFIDENCE 90
IMPORTANCE 75
RELEVANCE 100