O’Melveny Represents Underwriters in SolarEdge Stock Offering
March 18, 2022
FOR IMMEDIATE RELEASE
SILICON VALLEY—March 18, 2022—O’Melveny represented Goldman Sachs & Co LLC, J.P. Morgan Securities LLC, and Morgan Stanley & Co. LLC as underwriters in an offering of 2,000,000 shares of common stock of SolarEdge Technologies, Inc. (Nasdaq: SEDG).
SolarEdge has granted the underwriters a 30-day option from the date of the prospectus supplement to purchase up to an additional 300,000 shares of its common stock upon the same terms as set forth in the underwriting agreement. The offering launched and priced on March 17, 2022 and is expected to settle on March 22, 2022, subject to customary closing conditions
SolarEdge intends to use the net proceeds from the offering for general corporate purposes, which may include acquisitions. However, SolarEdge does not have agreements or commitments for any acquisitions at this time.
SolarEdge is a global leader in smart energy technology. By leveraging world-class engineering capabilities and with a relentless focus on innovation, SolarEdge creates smart energy solutions that power our lives and drive future progress. SolarEdge developed an intelligent inverter solution that changed the way power is harvested and managed in photovoltaic (PV) systems.
The O’Melveny team was led by Capital Markets partner Ryan Coombs and included Corporate partner Warren Lazarow, counsel Jane Wu, and associate Hayley Wolf.
About O’Melveny
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Contact:
Brandon Jacobsen
O’Melveny & Myers LLP
+1 213 430 8024
bjacobsen@omm.com
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Solar Edge Technologies issued the following press release:
SolarEdge Technologies, Inc. Prices Common Stock Offering
MILPITAS, Calif.–(BUSINESS WIRE)–March 17, 2022–SolarEdge Technologies, Inc. (Nasdaq: SEDG) (“SolarEdge”) today announced the pricing of 2,000,000 shares of its common stock at $295.00 per share (the “Common Stock”), for total gross proceeds of $590.0 million (before deduction for the underwriters’ discount and other offering expenses).
Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC and Morgan Stanley & Co. LLC are acting as joint book-running managers for the Common Stock offering and as the representatives of the underwriters. SolarEdge has granted the underwriters a 30-day option from the date of the prospectus supplement to purchase up to an additional 300,000 shares of its Common Stock upon the same terms as set forth in the underwriting agreement. The sale of the Common Stock to the underwriters is expected to settle on March 22, 2022, subject to customary closing conditions.
SolarEdge intends to use the net proceeds from the offering for general corporate purposes, which may include acquisitions. However, SolarEdge does not have agreements or commitments for any acquisitions at this time.
The offering is being made pursuant to an effective shelf registration statement that has been filed with the Securities and Exchange Commission (the “SEC”). A preliminary prospectus supplement related to the offering of the Common Stock has been filed with the SEC and is available on the SEC’s website at http://www.sec.gov. Copies of the preliminary prospectus supplement and the accompanying prospectus relating to the Common Stock may be obtained from Goldman Sachs & Co. LLC, 200 West Street, New York, New York 10282, Telephone: (866) 471-2526, Attention: Registration Department; J.P. Morgan Securities LLC, c/o Broadridge Financial Solutions, Attention: Prospectus Department, 1155 Long Island Avenue, Edgewood, NY 11717, or via telephone: 1-866-803-9204; or Morgan Stanley & Co. LLC, 180 Varick Street, 2nd Floor, New York, NY 10014, Attention: Prospectus Department.
This press release does not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any offer or sale of, the Common Stock in any state or jurisdiction in which the offer, solicitation, or sale would be unlawful.
Forward-Looking Statements
This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified as such because the statements include information, among other things, concerning: whether the Offering will be completed and the use of proceeds therefrom, our possible or assumed future results of operations; future demands for solar energy solutions; business strategies; technology developments; financing and investment plans; dividend policy; competitive position; industry and regulatory environment; general economic conditions; potential growth opportunities; and the effects of competition. These forward-looking statements are often characterized by the use of words such as “may,” “believe,” “expect,” “anticipate,” “plan,” “project,” “will,” “projections,” “estimate,” or other words of similar import. Similarly, statements that describe future financial performance or plans or strategies are forward-looking statements.
Forward-looking statements are only predictions based on SolarEdge’s current expectations and SolarEdge’s projections about future events. These forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause SolarEdge’s actual results, levels of activity, performance or achievements to be materially different from those expressed or implied by the forward-looking statements. Given these factors, you should not place undue reliance on these forward-looking statements. These factors include, but are not limited to, the matters discussed in the section entitled “Risk Factors” of SolarEdge’s Annual Report on Form 10-K for the year ended December 31, 2021, filed on February 22, 2022, Current Reports on Form 8-K and other reports filed with the SEC. All forward-looking statements included in this release are given only as at the date hereof and SolarEdge assumes no obligation, and disclaims any duty, to update the forward-looking statements in this release.
You should not rely upon forward-looking statements as predictions of future events. The events and circumstances reflected in the forward-looking statements may not be achieved or occur. SolarEdge cannot guarantee future results, levels of activity, performance or achievements. SolarEdge is under no duty to update any of these forward-looking statements after the date of this release or to conform these statements to actual results or revised expectations.
Source: SolarEdge Technologies, Inc.
Investor Contacts
SolarEdge Technologies, Inc.
Ronen Faier, Chief Financial Officer
+1 510-498-3263
investors@solaredge.com
or
Sapphire Investor Relations, LLC
Erica Mannion or Michael Funari
+1 617-542-6180
investors@solaredge.com