Shoals Technologies Group, Inc. filed a Rule 425 communication on November 4, 2026, disclosing a joint video message from the CEOs of Shoals and Array Technologies announcing a definitive stock-for-stock merger agreement between the two solar energy companies.

Key Highlights

  • Stock-for-stock structure: Shoals and Array Technologies have entered into a definitive agreement to combine in a stock-for-stock merger, according to the filing.
  • Expected close: The transaction is expected to close in the first quarter of 2027, subject to shareholder and regulatory approvals and other customary closing conditions.
  • CEO continuity: Brandon Moss, current CEO of Shoals, will serve as Chief Executive Officer of the combined company following closing.
  • Board structure: The combined company's Board is expected to consist of ten directors, including four independent directors from each of the current Array and Shoals Boards, plus Brad Forth as Chairman and Brandon Moss.
  • Array CEO transition: Kevin Hostetler will retire from Array's management and Board of Directors upon closing and transition to a special advisor role.
  • New identity planned: The companies intend to announce a new corporate name and ticker symbol in the coming months.
  • Project scale: The combined teams are described as spanning more than 250 GW of projects across engineering, innovation, project design and customer delivery.

Shoals and Array Detail an Integrated Solar and Battery Storage Platform

According to the filing, the combined company is expected to bring together product lines spanning trackers, foundations, fixed-tilt racking, electrical infrastructure, wire management and power delivery systems. Shoals, listed on NASDAQ:SHLS, designs and manufactures electrical balance-of-system solutions for utility-scale solar projects, while Array specializes in solar tracker technology. The filing describes these as "highly complementary" offerings that together would address both the structural and electrical sides of solar project deployment.

The filing states that the combined platform is expected to provide solar and battery storage customers with "a unified design package, coordinated purchasing and integrated warranty support across structural and electrical balance-of-system solutions." Brandon Moss, speaking in the joint video transcript included in the filing, indicated the integrated structure is expected to reduce interface complexity, enhance energy yield and reliability, simplify installation, and lower customers' total cost of ownership. These characterizations are the companies' own and are subject to the cautionary language included in the filing's forward-looking statements section.

Brad Forth, identified in the filing as the current Chairman of the Board of both Array and Shoals, is expected to serve as Chairman of the Board of Directors of the combined company. The filing notes that additional details about leadership and organizational structure will be determined during integration planning. The companies also stated they intend to announce a new corporate name and ticker symbol in the coming months, indicating the combined entity will operate under a brand distinct from either current company.

What Was Disclosed

Shoals Technologies Group filed a Rule 425 communication disclosing a joint CEO video transcript announcing a definitive stock-for-stock merger agreement with Array Technologies. The transaction is expected to close in the first quarter of 2027, pending shareholder and regulatory approvals.