Company: ARRY
Filing Date: 2025-08-14
Form Type: 8-K
Source: 0001193125-25-180827
Chunk: 1

Company: Array Technologies, Inc.
Filing Date: 2025-08-14
Form: 8-K
Item: Item 2.01
Chunk 1
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Item 2.01      Completion of Acquisition or Disposition of Assets.  

On August 14, 2025 (the “ Closing Date”), the Company completed its previously announced acquisition (the “ APA Acquisition”) of APA, pursuant to that certain equity purchase agreement (as amended, the “ Purchase Agreement”), dated as of June 17, 2025, by and among the Company, Buyer, APA, Seller, and the guarantors party thereto.

At the closing of the APA Acquisition, pursuant to the Purchase Agreement, the Company paid cash consideration to the Seller of approximately $159.9 million, net of preliminary and customary purchase price adjustments and subject to final post-closing settlement (after giving effect to such settlement, the “ Purchase Price”). The Company has also agreed to pay aggregate deferred consideration in an amount equal to 20% of the Purchase Price (the “ Deferred Consideration”), which will be payable to Seller in three installments (each, a “ Deferred Consideration Installment” and the date of each such installment, a “ Deferred Consideration Installment Date”): (i) within five business days after the first anniversary of the Closing Date, an amount equal to 50% of the Deferred Consideration, (ii) on December 31, 2026, an amount equal to (A) 50% of the Deferred Consideration multiplied by(B) the proportion of the two-yearperiod from the Closing Date to the second anniversary of the Closing Date that has elapsed as of December 31, 2026 and (iii) within five business days after the second anniversary of the Closing Date, an amount equal to the remaining balance of the Deferred Consideration. As more fully described in the Purchase Agreement, the Deferred Consideration Installments are subject to reduction if either Joshua Von Deylen or Joseph Von Deylen cease to be employees of the Company under certain circumstances. 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 Installment Date (if any such shares are issued, the “ Deferred Consideration Shares”) or (iii) by any combination of the foregoing.

In addition, the Purchase Agreement provides for an earnout pursuant to which the Seller may be granted additional shares of the Company’s common stock based upon APA’s achievement of certain financial