News: Photovoltaics
17 September 2020
First Solar announces secondary offering of common stock
First Solar Inc of Tempe, AZ, USA – which makes thin-film photovoltaic (PV) modules based on cadmium telluride (CdTe) as well as providing engineering, procurement & construction (EPC) services – has announced an underwritten registered secondary offering of 8,649,074 shares, or about 8.2%, of its outstanding common stock. Morgan Stanley is acting as the sole underwriter for the offering.
First Solar is not selling any shares and will not receive any proceeds, as they are all being offered by Lukas T. Walton.
His father, John T. Walton, was an early backer and investor in First Solar, playing a pivotal role in enabling its efforts to commercially scale its thin-film photovoltaic solar module technology and eventually become the USA’s largest solar module manufacturer.
Walton intends to use the proceeds from the share sale to provide funds for new impact investments across a variety of environmental and social causes.
In addition to the shares being sold in the offering, Walton intends to donate up to 8,649,074 additional shares over time to various charitable organizations focused on urgent issues facing society and the environment, including relief efforts related to the COVID-19 pandemic.
Upon completion of both the sale and intended donation of shares, Walton will directly hold about 4.9% of First Solar’s outstanding common stock.
“The Walton family’s history with First Solar goes back to our origins as a start-up in Ohio,” notes CEO Mark Widmar. “By reinvesting the sale proceeds from the shares into new ventures focused on some of the most pressing issues facing the world today, he continues a commitment consistent with his father’s investment in First Solar prior to the company’s 2006 IPO.”
