UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
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| Item 1.01 | Entry into a Material Definitive Agreement. |
On May 1, 2025, FTC Solar, Inc. (the “Company”) entered into an At The Market Offering Agreement (the “ATM Agreement”) with H.C. Wainwright & Co., LLC (“Wainwright”), to sell shares of its common stock, par value $0.0001 per share (the “Common Stock”) having an aggregate offering price of up to $11,350,576 (the “Shares”), from time to time, through an “at the market offering” program under which Wainwright will act as sales agent and/or principal. The sales, if any, of the Shares made under the ATM Agreement will be made by any method permitted by law deemed to be an “at the market offering” as defined in Rule 415 promulgated under the Securities Act of 1933, as amended.
The Company has agreed to pay Wainwright a placement fee of up to 3.0% of the of the gross sales price of the Shares sold and has agreed to provide Wainwright with customary indemnification and contribution rights. The Company has also agreed to reimburse Wainwright for certain specified expenses in connection with entering into the ATM Agreement. The ATM Agreement contains customary representations and warranties and conditions to the sale of the Shares pursuant thereto.
The Company is not obligated to sell any of the Shares under the ATM Agreement and no assurance can be given that the Company will sell any Shares under the ATM Agreement, or if such sales occur, no assurance can be given as to the price or number of Shares that will be sold, or the dates on which any such sales will take place. The Company or Wainwright may at any time suspend solicitation and offers of Shares thereunder and the ATM Agreement may be terminated by either the Company or Wainwright, as permitted therein. The Company currently intends to use all proceeds raised in connection with the sale of Shares for working capital and general corporate purposes.
The Shares will be issued pursuant to the prospectus supplement (the “Prospectus Supplement”), dated May 1, 2025, to the base prospectus included in the Company’s shelf registration statement on Form S-3 (File No. 333-265842) filed by the Company with the U.S. Securities and Exchange Commission (“SEC”) on June 27, 2022, and declared effective by the SEC on July 7, 2022 (the “Registration Statement”).
This Current Report on Form 8-K (this “Form 8-K”) shall not constitute an offer to sell or a solicitation of an offer to buy any shares of Common Stock, nor shall there by any sale of shares of Common Stock in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or other jurisdiction.
The foregoing description of the ATM Agreement does not purport to be complete and is qualified in its entirety by reference to the full text of such agreement, a copy of which is attached hereto as Exhibit 10.1 and which is incorporated herein in its entirety by reference. The representations, warranties and covenants contained in such agreement were made only for purposes of such agreement and as of specific date, were solely for the benefit of the parties to such agreement and may be subject to limitations agreed upon by the contracting parties. The Company is filing the opinion of its counsel, Pryor Cashman LLP, relating to the legality of the issuance and sale of the Shares as Exhibit 5.1 hereto. Exhibit 5.1 is incorporated herein by reference and into the Registration Statement.
This Form 8-K contains forward-looking statements. Forward-looking statements include, but are not limited to, statements that express the Company’s intentions, beliefs, expectations, strategies, predictions or any other statements related to the Company’s future activities, or future events or conditions, including without limitation, the Company’s or Wainwright’s ability to sell any specific amount of Shares and the Company’s intended use of the proceeds raised from the sale of any Shares. These statements are based on current expectations, estimates and projections about the Company’s business based, in part, on assumptions made by its management. These statements are not guarantees of future performances and involve risks, uncertainties and assumptions that are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in the forward-looking statements due to numerous factors, including those risks discussed in the Company’s most recent Annual Report on Form 10-K filed with the SEC, and in other documents that the Company files from time to time with the SEC. Any forward-looking statements speak only as of the date on which they are made, and the Company undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date of this Form 8-K, except as required by law.
| Item 1.02 | Termination of a Material Definitive Agreement. |
As previously disclosed in the Company’s Current Report on Form 8-K filed with the SEC on September 14, 2022, on September 14, 2022, the Company entered into an Equity Distribution Agreement (the “Equity Distribution Agreement”) with Credit Suisse Securities (USA) LLC (“Credit Suisse”). As previously disclosed in the Company’s Current Report on Form 8-K filed with the SEC on August 9, 2023, the Company entered into Amendment No. 1 to Equity Distribution Agreement with Credit Suisse and Barclays Capital Inc. On April 29, 2025, the Company terminated the Equity Distribution Agreement in accordance with the terms thereof.
| Item 9.01 | Financial Statements and Exhibits. |
(d) Exhibits
| Exhibit No. |
Description | |
| 5.1 | Opinion of Pryor Cashman LLP. | |
| 10.1 | At The Market Offering Agreement, dated May 1, 2025, by and between the Company and H.C. Wainwright & Co., LLC. | |
| 23.1 | Consent of Pryor Cashman LLP (contained in Exhibit 5.1 above). | |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). | |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| Date: May 1, 2025 | FTC Solar, Inc. | |||||
| By: | /s/ Cathy Behnen | |||||
| Name: Cathy Behnen | ||||||
| Title: Chief Financial Officer | ||||||