FLEX LTD. Reduces Nextracker Stake via Yuma Spin-Off & Merger

TL;DR

**FLEX just spun off Yuma, reducing its Nextracker stake; watch for market reaction.**

AI Summary

FLEX LTD. filed an amended SC 13G/A on January 4, 2024, voluntarily reporting a significant change in its ownership of Nextracker Inc. Class A Common Stock. On January 2, 2024, FLEX LTD. distributed shares of Yuma, Inc. common stock to its shareholders in a pro rata spin-off, which was immediately followed by Yuma, Inc. merging with another entity. This matters to investors because it indicates FLEX LTD. is reducing its direct ownership stake in Nextracker Inc., potentially impacting market perception and future strategic alignments between the two companies.

Why It Matters

This filing signals a strategic divestment by FLEX LTD. from Nextracker Inc., which could affect Nextracker's stock valuation and investor confidence due to the reduced institutional ownership.

Risk Assessment

Risk Level: medium — The divestment could introduce uncertainty regarding Nextracker's future ownership structure and strategic direction, potentially leading to short-term stock volatility.

Analyst Insight

Investors should monitor Nextracker Inc.'s stock performance and any further announcements regarding its ownership structure or strategic partnerships. For FLEX LTD. shareholders, this indicates a continued focus on streamlining operations and potentially returning capital or reallocating resources.

Key Numbers

• $0.0001 — par value per share (the par value of Nextracker Inc. Class A Common Stock)

Key Players & Entities

• FLEX LTD. (company) — the reporting person filing the SC 13G/A
• Nextracker Inc. (company) — the subject company whose Class A Common Stock is being reported
• Yuma, Inc. (company) — the company whose common stock was distributed in a spin-off by FLEX LTD.
• January 2, 2024 (date) — the date of the spin-off and merger event
• Class A Common Stock, $0.0001 par value per share (dollar_amount) — the type of securities held in Nextracker Inc.

Forward-Looking Statements

• Nextracker Inc. stock may experience short-term volatility due to the change in institutional ownership. (Nextracker Inc.) — medium confidence, target: Q1 2024
• FLEX LTD. will continue to strategically divest non-core assets or reduce stakes in previously spun-off entities. (FLEX LTD.) — low confidence, target: Q2 2024

FAQ

Key Financial Figures

• $0.0001 — (Name of Issuer) Class A Common Stock, $0.0001 par value per share (Title of Class o

Filing Documents

• ef20017767_sc13ga.htm (SC 13G/A) — 52KB
• 0001140361-24-000703.txt ( ) — 54KB

(a)

Item 1(a). Name of Issuer: Nextracker Inc. (the "Issuer")

(b)

Item 1(b). Address of Issuer's Principal Executive Offices: 6200 Paseo Padre Parkway, Fremont, California 94555

(a)

Item 2(a). Name of Person Filing: This Statement is filed on behalf of Flex Ltd. ("Flex" or the "Reporting Person"). This Statement relates to the shares of Class A Common Stock (as defined herein) held of record by Yuma, Inc. and Yuma Subsidiary, Inc. Prior to the Spin-Off, the sole shareholder of Yuma, Inc. was the Reporting Person. The sole shareholder of Yuma Subsidiary, Inc. is Yuma, Inc.

(b)

Item 2(b). Address of Principal Business Office or, if None, Residence: 2 Changi South Lane, Singapore 486123

(c)

Item 2(c). Citizenship: Singapore

(d)

Item 2(d). Title of Class of Securities: Class A Common Stock, $0.0001 par value per share (the "Class A Common Stock")

(e)

Item 2(e). CUSIP Number: 65290E101 Item 3. If This Statement is Filed Pursuant to 240.13d-1(b) or 240.13d-2(b) or (c), Check Whether the Person Filing is a: This Item 3 is not applicable. Item 4.

(a)

Item 4(a). Amount Beneficially Owned: As a result of the Spin-Off and Merger, effective January 2, 2024, the Reporting Person may be deemed the beneficial owner of 0 shares of Class A Common Stock.

(b)

Item 4(b). Percent of Class: As a result of the Spin-Off and Merger, effective January 2, 2024, the Reporting Person may be deemed the beneficial owner of 0.0% of the shares of Class A Common Stock outstanding.

(c)

Item 4(c). Number of Shares as to Which Such Person has: (i) Sole power to vote or direct the vote: 0 (ii) Shared power to vote or direct the vote: 0 (iii) Sole power to dispose or direct the disposition of: 0 (iv) Shared power to dispose or direct the disposition of: 0 CUSIP No. 65290E101 Page 4 of 5 Pages Item 5. If this statement is being filed to report the fact that as of the date hereof each of the Reporting Persons has ceased to be the beneficial owner of more than five percent of the class of securities, check the following . Item 6. See disclosure in Items 2 and 4 hereof. Item 7. Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on By the Parent Holding Company or Control Person: See disclosure in Item 2 hereof. Item 8. Identification and Classification of Members of the Group: This Item 8 is not applicable. Item 9. Notice of Dissolution of Group: This Item 9 is not applicable. Item 10. Certification: This Item 10 is not applicable. CUSIP No. 65290E101 Page 5 of 5 Pages SIGNATURE After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct. FLEX LTD. By: /s/ Paul R. Lundstrom Paul R. Lundstrom Chief Financial Officer of Flex Ltd. January 4, 2024

View Full Filing

View this SC 13G/A filing on SEC EDGAR