Company: ARRY
Filing Date: 2025-06-18
Form Type: 8-K
Source: 0001193125-25-142342
Chunk: 0

Company: Array Technologies, Inc.
Filing Date: 2025-06-18
Form: 8-K
Item: Item 1.01
Chunk 0
---
Item 1.01      Entry into a Material Definitive Agreement.  

On June 17, 2025, Array Technologies, Inc., a Delaware corporation (the “ Company”), and STINorland USA, Inc., a California corporation and an indirect wholly-owned subsidiary of the Company (the “ Buyer”), entered into an equity purchase agreement (the “ Purchase Agreement”) with APA Solar, LLC, an Ohio limited liability company (“ APA”), SunHoldings, LLC, an Ohio limited liability company (“ Seller”), and the Guarantors party thereto, pursuant to which the Buyer will acquire all of the issued and outstanding equity interests of APA, a company that designs, engineers, and manufactures solar racking, mounting and foundation systems (such transaction, the “ Transaction”). Terms used but not defined herein shall have the meanings ascribed thereto in the Purchase Agreement.

Under the terms of the Purchase Agreement, the Buyer 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 Seller at Closing. 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 Seller in two equal installments (each, a “ Deferred Consideration Installment”) on the first and second anniversaries of the Closing Date (each, a “ Deferred Consideration Anniversary”). 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 Anniversary (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 performance targets during the three-year period ending on the last day of the first fiscal quarter of the Company that ends following the third anniversary of the Closing (the “ Earn