Flex Ltd. agreed to Spin-Off Nextracker Inc. (NasdaqGS:NXT) on October 25, 2023. Flex announced its plan to effect a spin-off of all of its remaining interests in Nextracker to Flex shareholders on a pro rata basis. Upon completion of the Transactions, a Flex shareholder as of the applicable record date would be expected to receive approximately 0.17 shares of Nextracker Class A common stock per Flex ordinary share held. The Transactions are subject to a number of conditions including Flex Shareholders approval. Transaction is expected to be completed in Flex's fourth quarter ending March 31, 2024. As of November 20, 2023, shareholders has approved a special resolution regarding the court-approved capital reduction. As of December 18, 2023, the record date is set at Decemer 29, 2023. Distribution is expected to takes place on January 2, 2023. J.P. Morgan Securities LLC is serving as Flex?s financial advisor and Sidley Austin LLP is serving as Flex?s legal advisor. Computershare Trust Company, National Association acted as a transfer agent.

Flex Ltd. completed the Spin-Off of 51.48% stake in Nextracker Inc. (NasdaqGS:NXT) on January 2, 2024. Goldman Sachs & Co. LLC is serving as Nextracker's financial advisor and Davis Polk is serving as Nextracker's legal advisor in connection with the spin-off.