Key Highlights

  • Array Technologies (NASDAQ:ARRY) traded at USD 5.67, up 22.20% intraday on November 4, 2026, after the company announced a stock-for-stock Merger with Shoals Technologies Group alongside third-quarter results.
  • Each Shoals share converts into 1.6931 Array shares, leaving Shoals holders with about 65% of the combined basic shares and Array holders about 35%, with closing targeted for the first quarter of 2027.
  • Array lowered 2026 Revenue guidance to USD 1.34 billion to USD 1.40 billion from USD 1.4 billion to USD 1.5 billion, after reporting third-quarter revenue of USD 330.2 million.
  • Management cites more than USD 100 million of annual adjusted EBITDA synergies within three years of closing, subject to Shareholder and regulatory approval.

What Moved Array Technologies During Trading (up USD 1.03, 22.20%)

Array Technologies (NASDAQ:ARRY) was quoted at USD 5.67 during regular trading hours on November 4, 2026, up 22.20%. The implied prior close is USD 4.64 (calculated), so the gain equals about USD 1.03 per share. The catalyst is a company release issued at 7:01 a.m. ET announcing a merger agreement with Shoals Technologies Group, published together with third-quarter results. Because the consideration is all stock, Array's own share price is the reference for what Shoals holders receive. Simple arithmetic on two published numbers gives about USD 9.60 per Shoals share at the intraday quote (1.6931 times USD 5.67, calculated), and that figure moves with Array's price every day until closing.

How the Merger Is Structured and What the Numbers Show

Under the agreement, Array is the legal acquirer and corporate parent. Each Shoals share converts into 1.6931 Array shares, so Shoals holders are expected to own about 65% of combined basic shares (64.5% fully diluted) and Array holders about 35% (35.5% fully diluted). The company release says closing is expected in the first quarter of 2027, subject to shareholder approvals at both companies, regulatory approvals and Nasdaq listing authorization. The combined board would have 10 members, with Brad Forth as chairman and Brandon Moss as chief executive. Management points to more than USD 100 million of annual adjusted EBITDA synergies within three years of closing, with about USD 20 million from year-one cost savings.

Earnings, Guidance Cut and Balance Sheet Risks

The merger arrived with a weaker outlook. Array reported third-quarter revenue of USD 330.2 million, down from USD 393.5 million a year earlier, and Net Income of USD 8.2 million. After USD 16.1 million of preferred dividends and accretion, the net loss to common stockholders was USD 7.9 million, or USD 0.05 per share. Full-year 2026 adjusted EBITDA guidance fell to USD 190 million to USD 210 million from USD 210 million to USD 230 million. Executed contracts and awarded orders reached a record USD 2.6 billion, up 42%. Risks include a commitment to redeem USD 317.5 million of Series A perpetual preferred stock, estimated combined net Debt of USD 873.3 million at year-end 2026, integration execution, and a fixed exchange ratio that exposes both sets of holders to share price swings before closing.

Where Things Stand

Array Technologies (NASDAQ:ARRY) is up 22.20% because it announced a stock-for-stock merger with Shoals Technologies Group on November 4, 2026, alongside third-quarter results and a lower 2026 revenue outlook. The deal shifts attention from the guidance cut to the combined company's synergy and order Backlog story. Intraday moves can fade, and the outcome depends on shareholder votes, regulatory clearance and execution through an expected first-quarter 2027 close. This article is informational and is not Investment advice.