Array Technologies, Inc. announced a definitive agreement on July 16, 2026, to acquire Affordable Wire Management, LLC, a Delaware limited liability company that designs, manufactures, markets and sells wire management products for utility-scale photovoltaic and battery storage systems. Under the equity purchase agreement, Array’s indirect wholly owned subsidiary STINorland USA, Inc., a California corporation, will acquire all of the issued and outstanding equity interests of AWM from DS Equity Holdings LLC. The agreement was entered into among Array, STINorland USA, AWM, DS Equity Holdings, and individuals Scott R. Rand and Daniel R. Smith. The transaction values AWM at up to $203 million, subject to customary adjustments for cash, indebtedness, net working capital, transaction expenses and escrow amounts. The consideration consists of a $153 million base purchase price, up to $10 million in deferred consideration, and up to $40 million in performance-based earn-out payments tied to AWM’s EBITDA results. The deferred consideration is structured in two $5 million installments: one payable on the first anniversary of the closing date and the second payable on the second anniversary. Those deferred payments may be reduced if either Scott R. Rand or Daniel R. Smith ceases to be an employee of AWM under specified circumstances. The earn-out component is based on AWM’s achievement of EBITDA targets over three annual measurement periods. The seller may receive up to $8 million based on performance for the year ending December 31, 2026, and up to $16 million for each of the years ending December 31, 2027 and December 31, 2028, for a maximum aggregate earn-out of $40 million. Array may choose to pay the deferred consideration and earn-out payments in cash, shares of Array common stock, or a combination of both. Any stock payment would involve Array common stock, par value $0.001 per share, valued using the volume-weighted average price over the 10 trading days preceding the applicable determination date. Because the amount of any stock issuance depends on future payments, Array’s election, and the future trading price of its common stock, no share count or issuance price is currently known. Array said it expects to file amendments if shares are later issued for these payments. The filing also reports a potential unregistered sale of equity securities under Item 3.02. Array intends that any shares issued as acquisition consideration would be issued in reliance on exemptions from registration under Section 4(a)(2) of the Securities Act and/or Rule 506 of Regulation D, as a transaction not involving a public offering. Closing remains subject to customary conditions, including expiration or termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act. The agreement includes customary representations, warranties, covenants, indemnification provisions and termination rights. Either the buyer or seller may terminate the agreement if the acquisition has not closed by December 13, 2026, subject to extension if needed for regulatory approvals. Upon closing, Array, through STINorland USA, would own 100% of AWM’s equity interests, expanding its presence in products serving utility-scale solar and battery storage infrastructure. The company also furnished a press release and investor presentation regarding the transaction.