> ## Content Index
> Fetch the complete content index at: https://financeherald.com/llms.txt
> Use this file to discover other available public pages before exploring further.

# Who's Actually In Charge After the ARRAY-Shoals Merger?
- URL: https://financeherald.com/whos-actually-in-charge-after-the-array-shoals-merger/
- Published: 2026-11-08T07:06:56.000Z
- Updated: 2026-11-08T07:06:56.000Z
- Description: ARRAY is the legal acquirer, but Shoals ends up with about 65% of the equity and the CEO's chair. Why the smaller, faster solar supplier is effectively running the combined company.
- Author: Finance Herald Staff
- Tags: Business & Deals, News

ARRAY Technologies is the legal buyer. Shoals Technologies Group ends up running the company.

The stock-for-stock merger announced November 4, 2026, names ARRAY (Nasdaq: ARRY) as the acquirer and the surviving corporate parent. Shoals Technologies Group (Nasdaq: SHLS) shareholders receive [1.6931](https://www.sec.gov/Archives/edgar/data/1831651/000119312526446356/d130123d8k.htm?ref=financeherald.com) ARRAY shares for each Shoals share. At closing, Shoals holders will own about [65%](https://investors.shoals.com/news/news-details/2026/ARRAY-Technologies-and-Shoals-Technologies-Group-Announce-Transformative-Merger-Creating-an-Integrated-Energy-Infrastructure-Platform/default.aspx?ref=financeherald.com) of the combined company's basic shares, and 64.5% fully diluted. ARRAY shareholders keep roughly 35%, or 35.5% diluted. Brandon Moss, the Shoals chief executive, becomes CEO of the combined company. ARRAY's Kevin Hostetler moves to Special Advisor. Brad Forth, already chairman of both boards, chairs the new one.

That split is the story. Shoals is the smaller company on quarterly sales, with $195.3 million of third-quarter revenue against ARRAY's $330.2 million. It is also the faster one. Shoals grew revenue [43.8%](https://investors.shoals.com/news/news-details/2026/Shoals-Technologies-Group-Inc--Reports-Financial-Results-for-Third-Quarter-2026/default.aspx?ref=financeherald.com) from $135.8 million a year earlier, reported $17.9 million of net income and $39.8 million of adjusted EBITDA, and raised full-year 2026 revenue to $665 million to $685 million. ARRAY posted a $7.9 million net loss to common stockholders and $32.1 million of adjusted EBITDA on the same day it announced the deal. It [cut](https://ir.arraytechinc.com/news-releases/news-release-details/array-technologies-reports-financial-results-third-quarter-2026/?ref=financeherald.com) full-year 2026 revenue guidance to $1.34 billion to $1.40 billion from $1.4 billion to $1.5 billion and lowered adjusted EBITDA to $190 million to $210 million. ARRAY still recorded $2.6 billion of total executed contracts and awarded orders, a record and up 42% from a year earlier. The tracker franchise is larger. The equity, and the CEO job, still go to Shoals.

### Why they are combining now

The utility-scale solar balance-of-systems market is consolidating because standalone component makers are hunting for a thicker kit. Both companies are chasing battery storage and data-center power to get beyond low-margin commodity hardware. The merger is how they try to sell more of that stack together. Preliminary, indicative pro forma full-year 2027 revenue is $2.2 billion to $2.4 billion, with adjusted EBITDA of $410 million to $480 million including year-one synergies. Management expects more than $100 million of incremental annual adjusted EBITDA synergies within three years after close. Year-one cost synergies are about $20 million run-rate. Year-one cross-selling synergies are about $15 million run-rate.

The field data is what makes the cross-sell pitch more than a slide. Only about 20% of the projects ARRAY and Shoals served in 2025 and 2026 used products from both companies. Combined experience spans more than 250 gigawatts of projects. Most of the synergy target sits after year one, so the 2027 EBITDA range already includes a modest first-year lift and leaves the heavier work for later. The deal is expected to close in the first quarter of 2027, subject to shareholder and regulatory approvals.

### What ARRAY retires to get the deal done

Control comes with a cleanup of ARRAY's capital structure. The company will [redeem](https://www.sec.gov/Archives/edgar/data/1820721/000119312526446483/d184627dex992.htm?ref=financeherald.com) $317.5 million of its Series A Perpetual Preferred Stock, $161.3 million within 90 days of close and the remaining $156.3 million in installments of at least $52 million in 2028, 2029, and 2030\. After the initial redemption, the liquidation preference is about $348.7 million and 2027 preferred dividends about $25 million. Combined expected net debt to adjusted EBITDA is about 2.6 times at year-end 2026, and below 2 times by year-end 2027\. Shoals brings about $1.6 billion of tax amortization and $237 million of net operating losses, expected to limit combined cash taxes for several years.

Read the merger as a handover with a listing attached. Shoals supplies the growth rate, the chief executive, and about two-thirds of the equity. ARRAY supplies the corporate shell, the larger tracker business, a $2.6 billion book of executed contracts and awarded orders, and a preferred-stock retirement timed to closing. The combined company is trying to follow storage and data-center load as one platform rather than as two vendors of solar parts. The ownership math already says who is in charge once that platform exists.