Company: FTCI
Filing Date: 2025-07-15
Form Type: PRE 14A
Source: 0001193125-25-159376
Chunk: 10

Company: FTC Solar, Inc.
Filing Date: 2025-07-15
Form: PRE 14A
Chunk 10
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 have the right to participate in distributions or dividends paid on shares of Common Stock.

Pursuant to the Credit
Agreement, at the request of the Required Lenders (as defined in the Credit Agreement), we also agreed to enter into a Registration Rights Agreement, in the form attached to the Credit Agreement (the “RRA”), pursuant to which we will agree
to file a registration statement registering the resale by the Holders of the maximum number of shares issuable upon exercise of the Warrants. Upon our entry into the RRA, we will be required to file such registration statement with the Securities
and Exchange Commission within the later of 30 days following the closing of the Credit Agreement and 5 business days after our entry into the RRA, and seek effectiveness of such registration statement within 75 days.

Requirement of Stockholder Approval and Exercise Cap

Our Common Stock is listed on The Nasdaq Capital Market, and as such we are subject to the Nasdaq Listing Rules. Nasdaq Listing Rule 5635(d)
requires stockholder approval of transactions other than public offerings of greater than 20% of the outstanding Common Stock or voting power of an issuer prior to a private placement for less than the applicable “Minimum Price.” Under
Rule 5635(d), the “Minimum Price” means a price that is the lower of: (i) the closing price immediately preceding the signing of the binding agreement; or (ii) the average closing price of the Common Stock for the five trading
days immediately preceding the signing of the binding agreement. As discussed above, the Warrants are exercisable for $0.01 per share, which is less than the Minimum Price. Further, the total number of shares of Common Stock potentially issuable
under the Warrants is 6,836,237 in total for all Warrants, which is greater than 20% of the shares of Common Stock outstanding on the date the Warrants were issued.

Section 1(h) of each of the Warrants provides that we may not issue any shares of Common Stock under each such Warrant in excess of the
applicable Exercise Cap, unless stockholder approval is obtained. The Exercise Caps applicable to all of the Warrants currently limit the total number of shares issuable upon exercise of all of the Warrants to no more than 2,615,491 shares of Common
Stock issuable in the aggregate under the Warrants, which equaled 19.99% of our Common Stock outstanding on the date the Warrants were issued.

According