Shoals Technologies Group, Inc. (SHLS) said Tuesday that it has been authorized to buy back up to $150 million of its class A shares. The authorization is effective through December 31, 2025.
Dominic Bardos, Shoals' CFO, said: "This program is one pillar of our value creation strategy and we will continue to evaluate all potential uses for our cash flow, including investing in new technology, making strategic acquisitions, reducing our debt and repurchasing shares."
In connection with the authorization, the company has entered into an accelerated share repurchase or ASR deal with Jefferies LLC, to repurchase $25 million of its Class A shares.
Under the terms of the ASR, Shoals will receive an initial delivery of around 2.202 million class A shares, representing approximately 60 percent of the notional amount of the ASR, based on the closing price of $6.81 on June 10, 2024.
The ASR is expected to be complete in the third quarter of 2024.
The company will fund its repurchases through cash on hand, free cash flow, and borrowings under the company's credit facilities.
SHLS was trading up by 7.34 percent at $7.31 per share in the pre-market trade on the Nasdaq.
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