SunPower Corporation, a leading solar technology company, has announced the drawdown of a $50 million second tranche from a $175 million second lien term loan on May 30, 2024. This financial move is part of a previously disclosed agreement with Sol Holding, LLC, which is jointly owned by affiliates of TotalEnergies SE and Global Infrastructure Partners, and also the majority owner of SunPower's common stock. The drawdown is aimed at furthering business operations and executing the company's business plan. In conjunction with this drawdown, SunPower has agreed to issue warrants to Sol Holding for the purchase of approximately 33.4 million shares of common stock at $0.01 per share. The company is also actively working to finalize its restated financial statements for 2022 and 2023, as well...Show More

SunPower Corporation, a leading solar technology company, has announced the drawdown of a $50 million second tranche from a $175 million second lien term loan on May 30, 2024. This financial move is part of a previously disclosed agreement with Sol Holding, LLC, which is jointly owned by affiliates of TotalEnergies SE and Global Infrastructure Partners, and also the majority owner of SunPower's common stock. The drawdown is aimed at furthering business operations and executing the company's business plan. In conjunction with this drawdown, SunPower has agreed to issue warrants to Sol Holding for the purchase of approximately 33.4 million shares of common stock at $0.01 per share. The company is also actively working to finalize its restated financial statements for 2022 and 2023, as well as its Q1 2024 report. SunPower's commitment to reducing costs and increasing financial resilience is underscored by this transaction, which is supported by its majority shareholders. The terms of the second tranche warrant and the associated registration rights agreement are substantially similar to those of the first tranche warrant, as detailed in the company's filings with the SEC.