FLEX LTD. Amends Nextracker Stake Post-Yuma Spin-Off
Ticker: NXT · Form: SC 13G/A · Filed: Jan 4, 2024 · CIK: 1852131
Complexity: simple
Sentiment: neutral
Topics: institutional-ownership, spin-off, amendment, corporate-action
TL;DR
**FLEX LTD. just spun off Yuma, Inc., likely reducing its Nextracker stake.**
AI Summary
FLEX LTD. filed an amended SC 13G/A on January 4, 2024, 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, and Yuma, Inc. subsequently merged. This transaction likely reduced FLEX LTD.'s direct ownership stake in Nextracker Inc., which could impact the stock's trading dynamics and investor perception of institutional support.
Why It Matters
This filing indicates a change in a major institutional holder's stake in Nextracker, which can influence market sentiment and potentially affect the stock's liquidity and price stability.
Risk Assessment
Risk Level: low — This filing reports a past event (a spin-off) and does not indicate new, immediate risks to Nextracker Inc. beyond potential shifts in investor sentiment.
Analyst Insight
Investors should monitor subsequent filings from FLEX LTD. or Nextracker Inc. to understand the exact change in ownership percentage and assess any potential impact on Nextracker's stock performance or governance.
Key Numbers
- $0.0001 — Par Value per Share (The par value of Nextracker Inc.'s Class A Common Stock.)
- 65290E101 — CUSIP Number (The unique identification number for Nextracker Inc.'s Class A Common Stock.)
Key Players & Entities
- FLEX LTD. (company) — the reporting person that filed 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 event (spin-off) requiring the filing
- $0.0001 (dollar_amount) — the par value per share of Nextracker Inc. Class A Common Stock
Forward-Looking Statements
- FLEX LTD.'s direct ownership percentage in Nextracker Inc. will decrease following the Yuma, Inc. spin-off. (FLEX LTD.) — high confidence, target: Q1 2024
- Nextracker Inc.'s stock price may experience short-term volatility as investors react to the change in institutional ownership. (Nextracker Inc.) — medium confidence, target: Q1 2024
FAQ
What was the primary event that triggered FLEX LTD.'s filing of this Amendment No. 1 to Schedule 13G?
The primary event was the distribution by FLEX LTD. of shares of Yuma, Inc. common stock to its shareholders on a pro rata basis and for no consideration on January 2, 2024, followed immediately by Yuma, Inc. merging.
What is the full name of the subject company whose securities are being reported in this SC 13G/A filing?
The full name of the subject company is Nextracker Inc., as stated in the filing.
What type of securities are covered by this filing, including their par value?
The securities covered are Class A Common Stock of Nextracker Inc., with a par value of $0.0001 per share.
When was the date of the event that required this filing, according to the document?
The 'Date of Event which Requires Filing of this Statement' is January 2, 2024, as specified in the filing.
Which rule under the Securities Exchange Act of 1934 is designated as the basis for this Schedule 13G filing?
The filing designates Rule 13d-1(d) as the rule pursuant to which this Schedule is filed, indicated by the checked box.
Filing Stats: 914 words · 4 min read · ~3 pages · Grade level 8.4 · Accepted 2024-01-04 16:20:30
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