Company: ARRY
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0001820721-25-000085
Chunk: 99

Company: Array Technologies, Inc.
Filing Date: 2025-08-07
Form: 10-Q
Item: Part I, Item 1
Chunk 99
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4, cash used in financing activities was $4.1 million, driven primarily by a $12.7 million net reduction of Other Debt and $2.2 million in payments on our Term Loan Facility, as well as $1.4 million in TRA payments issued during the six months ended June 30, 2024.

Contractual Obligations and Commitments

Information regarding our debt obligations, lease commitments and other commitments is provided in Item 7, “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our 2024 Annual Report on form 10-K. Other than as set forth below, there were no material changes in our contractual obligations and commitments as of June 30, 2025. 

Equity Purchase Agreement with APA Solar

The APA Transaction is expected to close in the third quarter of 2025, subject to satisfaction of certain closing conditions customary for a transaction of this nature. Under the terms of the equity purchase agreement governing the APA Transaction (the “Purchase Agreement”), our wholly-owned subsidiary, STINorland USA, Inc. (“STI USA”) has agreed to pay a base purchase price of $210,000,000, subject to customary adjustments for cash, net working capital, indebtedness and transaction expenses (the “Purchase Price”). An amount equal to 80% of the Purchase Price will be paid in cash to SunHoldings on the closing date. Subject to the terms and conditions set forth in the Purchase Agreement, an amount equal to 20% of the Purchase Price will be payable to SunHoldings in two equal installments (each, a “Deferred Consideration Installment”) on the first and second anniversaries of the closing date (each, a “Deferred Consideration Anniversary”), subject to certain conditions. Each Deferred Consideration Installment will, at the Company’s election, be paid (i) in cash, (ii) through the issuance of shares of Company common stock, par value $0.001 per share (“common stock”), valued at the closing price on the trading day immediately preceding the applicable Deferred Consideration Anniversary (if any such shares are issued, the “Deferred Consideration Shares”) or (iii) by any combination of the foregoing.

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In addition, the Purchase Agreement provides for an earnout pursuant to which SunHoldings may be granted additional shares of the Company’s common stock based upon APA’s achievement of certain financial performance targets during the three-year period ending on the last day of the first fiscal quarter of the Company that