8-K

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): May 13, 2024

FTC Solar, Inc.

(Exact name of Registrant as Specified in Its Charter)

Delaware	001-40350	81-4816270
(State or Other Jurisdiction of Incorporation)	(Commission File Number)	(IRS Employer Identification No.)
9020 N Capital of Texas Hwy, Suite I-260
Austin, Texas		78759
(Address of Principal Executive Offices)		(Zip Code)

Registrant’s Telephone Number, Including Area Code: 737 787-7906

N/A

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, $0.0001 par value	FTCI	The Nasdaq Stock Market LLC

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company ☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

Tamara Mullings resigned from her position as a director of FTC Solar, Inc. (the “Company”) on May 13, 2024, effective immediately. Mrs. Mullings’ resignation was not a result of any disagreement with the Company on any matter relating to the Company’s operations, policies or practices. Thereafter, on May 14, 2024, the Company appointed Mrs. Mullings as Senior Vice President – North American Sales.

Additionally, as of May 14, 2024, the Company will be transitioning Patrick Cook, its current Chief Commercial Officer, to a new role as Senior Vice President – Capital Markets & Business Development, effective immediately. Concurrent with his appointment as Senior Vice President – Capital Markets & Business Development, Mr. Cook will no longer be deemed an “officer” for purposes of Section 16 of the Securities Exchange Act of 1934 (the “Exchange Act”) or an executive officer for purposes of Rule 3b-7 of the Exchange Act.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits

Exhibit No.	Description
99.1*	Press release dated May 15, 2024
104*	Cover Page Interactive Data File (embedded within the Inline XBRL document)

* - Included herein

SIGNATURE

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.

			FTC SOLAR, INC.
Date:	May 15, 2024	By:	/s/ Cathy Behnen
			Cathy Behnen Chief Financial Officer

EX-99.1

Exhibit 99.1

 

FTC Solar Announces New Sales and Leadership Appointments

AUSTIN, Texas, May 15, 2024— FTC Solar, Inc. (Nasdaq: FTCI), a leading provider of solar tracker systems, software, and engineering services, announced new leadership appointments and an expanded sales leadership team designed to enhance customer experience and success while supporting global sales and strategic growth.

The leadership appointments include:

Patrick Cook, to Senior Vice President, Capital Markets and Business Development. Cook most recently served as FTC Solar’s Chief Commercial Officer since April 2022, overseeing sales, sales engineering, and capital markets activities. Prior to this role he served as the company’s Chief Financial Officer since July 2019. Prior to FTC he served finance and leadership roles with Dot Foods, SunEdison and Bank of America.

Alberto Echeverria, to Senior Vice President, International Sales. Echeverria, a tracker industry veteran, is the former CEO and Executive Member of the Board of STI Norland where he worked for five years through 2020. Most recently, he served as Sales Director of Europe and International for Nextracker. Echeverria’s background also includes leadership experience with IDEEMATEC, Almaia Capital, GES, and Siemens.

Tamara Mullings, to Senior Vice President, North American Sales. Mullings has served as a member of FTC Solar’s Board of Directors since January 2023, and previously as a Board Observer since 2021. She is the founder of AFARA Governance, Inc., and she served as AVP of Global Technology Services at MetLife from 2018-2021. Earlier in her career, she served in leadership, strategy, and program management positions with SunEdison, Southern California Edison, and IBM. Coincident with this appointment, Mrs. Mullings has resigned from her position on the Board.

“These appointments will enhance our ability to better serve our customers and support our strategic growth initiatives,” said Shaker Sadasivam, Chairman of the Board of FTC Solar. “Alberto, an experienced leader in our industry with a strong track record of execution, will lead the positioning and growth of our business in the European and international markets. Tamara will help us build stronger relationships with our North American customers and enable the accelerated expansion of our sales in our largest market. And we will look forward to leveraging Patrick’s experiences across both the finance and commercial parts of the business to lead our capital markets and strategic business development efforts.”

About FTC Solar Inc.

Founded in 2017 by a group of renewable energy industry veterans, FTC Solar is a leading provider of solar tracker systems, technology, software, and engineering services. Solar trackers significantly increase energy production at solar power installations by dynamically optimizing solar panel orientation to the sun. FTC Solar’s innovative tracker designs provide compelling performance and reliability, with an industry-leading installation cost-per-watt advantage.

FTC Solar Investor Contact:

Bill Michalek
Vice President, Investor Relations
FTC Solar
T: (737) 241-8618
E: IR@FTCSolar.com

Forward-Looking Statements

This press release contains forward looking statements. These statements are not historical facts but rather are based on our current expectations and projections regarding our business, operations and other factors relating thereto. Words such as “may,” “will,” “could,” “would,” “should,” “anticipate,” “predict,” “potential,” “continue,” “expects,” “intends,” “plans,” “projects,” “believes,” “estimates” and similar expressions are used to identify these forward-looking statements. These statements are only predictions and as such are not guarantees of future performance and involve risks, uncertainties and assumptions that are difficult to predict. In addition, this press release contains statements about third parties and their commercial activity. We have not independently verified or confirmed such statements and have instead relied on the veracity of information as provided to us by such third parties related to such statements. You should not rely on our forward-looking statements or statements related to third parties or their commercial activities as predictions of future events, as actual results may differ materially from those in the forward-looking statements or statements related to third parties or their commercial activities because of several factors, including those described in more detail above and in our filings with the U.S. Securities and Exchange Commission, including the section entitled “Risk Factors” contained therein. FTC Solar undertakes no duty or obligation to update any forward-looking statements or statements related to third parties or their commercial activities contained in this release as a result of new information, future events or changes in its expectations, except as required by law.

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XML

Document And Entity Information	May 13, 2024
Cover [Abstract]
Document Type	8-K
Amendment Flag	false
Document Period End Date	May 13, 2024
Entity Registrant Name	FTC Solar, Inc.
Entity Central Index Key	0001828161
Entity Emerging Growth Company	true
Entity File Number	001-40350
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	81-4816270
Entity Address, Address Line One	9020 N Capital of Texas Hwy, Suite I-260
Entity Address, City or Town	Austin
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	78759
City Area Code	737
Local Phone Number	787-7906
Entity Information, Former Legal or Registered Name	N/A
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Entity Ex Transition Period	false
Title of 12(b) Security	Common Stock, $0.0001 par value
Trading Symbol	FTCI
Security Exchange Name	NASDAQ