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Flex Ltd. (NASDAQ:FLEX) shares are trading higher Wednesday. The company yesterday announced the completion of the spin-off of all of its remaining interest in Nextracker Inc. (NASDAQ:NXT) to Flex shareholders.
The Details:
Under the previously disclosed terms of the transaction, Flex shareholders received approximately 0.17 shares of Nextracker Class A common stock for every Flex ordinary share held as of the record date of Dec. 29, with 74,432,619 shares of Nextracker Class A common stock issued to Flex shareholders in total. Flex shareholders will receive cash in lieu of any fractional shares.
As a result of the completion of the spin-off, Flex no longer holds any shares of Nextracker stock or any securities convertible into or exchangeable for shares of Nextracker common stock. Flex ordinary shares will continue to trade on Nasdaq under the ticker symbol "FLEX" and shares of Nextracker Class A common stock will continue to trade on Nasdaq under the ticker symbol "NXT".
Flex shares are up on heavy trading volume Wednesday with more than double its 100-day average volume of 4.352 million shares already traded in the session.
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FLEX Price Action: According to Benzinga Pro, Flex shares are up 7% at $23.61 at the time of publication.
Image: Gerd Altmann from Pixabay
