On June 12, Nextpower rose 5.01% in regular trading, trading at $125.8/share, with turnover of $43.94 million. The stock rebounded sharply after a prolonged sell-off from its June 2 high of $150.68.
On the news front, the company announced it has signed a definitive agreement to acquire energy storage integrator Prevalon Energy for up to $365 million. Nextpower plans to offer Prevalon management up to $100 million in performance-based equity and up to $35 million in restricted stock for employees to retain core talent. Upon completion, Prevalon will operate independently as a wholly-owned subsidiary. CEO Dan Shugar stated the acquisition will allow Nextpower to immediately enter the BESS and AI data center power supply business, expanding its addressable market beyond solar tracking systems.
Within the Electrical Components & Equipment sector, individual stocks posted gains, with nVent Electric up 3.01%, Vertiv Holdings up 1.75%, Fluence Energy up 1.32%, Eaton up 0.95%, and Emerson up 0.35%.
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