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Market Information
−Removed: On January 29, 2021, we closed an initial public offering of our Class A common stock at price of $25.00 per share.
−Removed: Prior to that time, there was no public market for our stock.
−Removed: Our Class A common stock is traded on the NASDAQ Global Market under the symbol "SHLS." Our Class B common stock is not listed nor traded on any stock exchange.
+Added: Our Class A common stock is traded on the NASDAQ Global Market under the symbol “SHLS”.
+Added: Our Class B common stock is not listed nor traded on any stock exchange.
Holders of Record
−Removed: As of February 28, 2022, there were 7 registered account holders of our Class A common stock.
+Added: As of February 21, 2023, there were five registered account holders of our Class A common stock.
The number of record holders does not include persons who held shares of our Class A common stock in nominee or “street name” accounts through brokers.
−Removed: As of February 28, 2022, there were 4 registered account holders of our Class B common stock.
+Added: As of February 21, 2023, there were four registered account holders of our Class B common stock.
Dividend Policy
We currently intend to retain all available funds and any future earnings for use in the operation of our business, and therefore we do not currently expect to pay any cash dividends.
−Removed: Any future determination to declare cash distributions or dividends will be made at the discretion of our board of directors, subject to applicable laws and provisions of our debt instruments and organizational documents, after taking into account our financial condition, results of operations, capital requirements, general business conditions and other factors that our board of directors may deem relevant.
+Added: Any future determination to declare cash distributions or dividends will be made at the discretion of our board of directors, subject to applicable laws and provisions of our debt instruments and organizational documents, after taking into account
+Added: our financial condition, results of operations, capital requirements, general business conditions and other factors that our board of directors may deem relevant.
Securities Authorized for Issuance Under Our Equity Compensation Plans
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Recent Sales of Unregistered Equity Securities
+Added: There were no unregistered sales of equity during the quarter ended December 31, 2022.
+Added: During the quarter ended December 31, 2022, pursuant to the terms of the Exchange Agreement entered into in connection with our IPO, certain Continuing Equity Owners exchanged 22,396,301 LLC Units together with an equal number of shares of Class B common stock for 22,396,301 newly-issued shares of Class A common stock.
+Added: These shares of Class A common stock were issued in reliance on an exemption from registration pursuant to Section 4(a)(2) of the Securities Act of 1933.
Use of Proceeds from Registered Securities
+Added: Not applicable.
Purchases of Equity Securities by the Issuer and Affiliated Purchasers
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.