Richmond, California
,
June 3, 2024
SAN FRANCISCO, Oct 23, 2019 /PRNewswire/ — Today, SunPower (NASDAQ:SPWR) announced
$50 million
Second tranche
$175 million
Long-term second mortgage loan
Sol Holdings
LLC (”
Sol Holdings
“)announced.
February 2024
.
Sol Holdings
is jointly owned by affiliates of TotalEnergies SE and Global Infrastructure Partners, which own a majority of SunPower's common stock.
“Today's announcement demonstrates our major shareholders' continued support for the long-term value proposition of residential solar and SunPower's commitment to running a financially strong business,” SunPower said.
Tom Werner
“In addition to this financing, we have been working in recent months to reduce our overall costs and increase the proportion of costs that are volume-driven, as we seek to build a more resilient business that can generate consistently positive free cash flow in the future,” said John McClellan, SunPower's chief executive officer.
SunPower has agreed to issue warrants as a result of the drawing down of the second tranche of its second lien term loan.
Sol Holdings
Approximately 33.4 million common shares will be purchased at the exercise price.
$0.01
SunPower also continues to work diligently to complete amended filings for its 2022 10-K, 2023 10-K and first quarter 2024 10-Q.
About SunPower
SunPower is America's #1 Solar Company
†
We provide customized, high-quality renewable home energy solutions that meet the unique needs of each household. Since 1985, SunPower has been changing the way the world is powered by empowering homeowners to generate, store and manage their own sustainable energy. Today, SunPower furthers that mission by helping more Americans achieve energy independence through a selection of affordable products and flexible financing options. With high standards of product quality and reliability, it's clear why homeowners trust SunPower. For more information, visit www.sunpower.com.
†
Based on U.S. public solar energy providers, including average review scores from BBB, Yelp, Consumer Affairs, BestCompany, Google, SolarReviews and EnergySage.
March 31, 2024
Forward-Looking Statements
This release contains information that constitutes forward-looking statements. All statements, other than statements of historical fact, are forward-looking statements for purposes of U.S. federal and state securities laws. Forward-looking statements often address expected future operating and financial performance and often include words such as “believes,” “expects,” “anticipates,” “intends,” “plans,” “will,” or the negative, other variations, or similar terminology. By their nature, forward-looking statements address matters that are subject to risks and uncertainties. Such forward-looking statements may involve risks and uncertainties that may cause actual results to differ materially from the future results contained in the forward-looking statements. Factors that may cause or contribute to such differences include, but are not limited to, the Company's ability to comply with its debt covenants, the Company's ability to repay its indebtedness, and the risks and other important factors discussed under the heading “Risk Factors” in the Company's Annual Report on Form 10-K/A for the fiscal year ended January 1, 2023, Quarterly Report on Form 10-Q for the quarter ended October 1, 2023, and the Company's other filings with the SEC. The Company cautions you that the list of important factors included in our filings with the SEC may not include all of the important factors that may be important to you. Moreover, in light of these risks and uncertainties, the matters addressed in the forward-looking statements contained in this press release may not actually occur. These forward-looking statements should not be relied upon as representing our views as of any subsequent date, and the Company is under no obligation, and expressly disclaims any responsibility, to update or alter any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law.
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SOURCE SunPower Corp.
