Trading app Robinhood late on Friday restricted purchases of 50 different stocks
List included meme stock GameStop but also General Motors and Starbucks
It followed a wild week of trading fueled by anti-hedge fund Reddit insurgency
It became clear that Robinhood was under severe strain with its cash reserves
Company is required to place deposits with clearing houses to cover trades
Robinhood said Saturday its deposit requirements increased ten-fold this week
Company tapped credit lines for $600M and received $1B investor bailout
Shoals Technologies Group, Inc Announces Pricing of Upsized Initial Public Offering padovanews.it - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from padovanews.it Daily Mail and Mail on Sunday newspapers.
Red-hot offering could end up raising $2B+ for company, investor
A Middle Tennessee manufacturer of solar energy equipment parts is preparing to go public via an offering that has nearly doubled in recent days to about $1.8 billion.
Shoals Technologies Group primarily makes so-called electrical balance of system products that help carry the electric current generated by solar panels to the power grid. With plants in Portland where it also has its headquarters and in Muscle Shoals, Alabama, the company last year generated about $33 million in net income on sales of about $175 million. Those numbers were up about 32 percent and 21 percent, respectively, from 2019.
(SHLS) - Shoals Technologies Prices Upsized IPO At $1 9 Billion, Oaktree Offloads Stake benzinga.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from benzinga.com Daily Mail and Mail on Sunday newspapers.
Oaktree-backed solar firm Shoals rises after US$1.9 billion IPO
Brian Eckhouse and Crystal Tse, Bloomberg News
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Solar-power components maker Shoals Technologies Group Inc. rose as much as 40 per cent in its trading debut after its initial public offering topped expectations to raise US$1.9 billion.
Shares of the Portland, Tennessee-based company, opened at US$31.30 Wednesday after selling for US$25 each in the IPO. The shares were up 28 per cent to US$31.93 at 1:56 p.m. in New York trading.
Shoals, along with an entity controlled by investment firm Oaktree Capital Management, sold 77 million shares Tuesday, after marketing 70 million shares for US$22 to US$23.