SunPower Corporation, a leading solar technology and energy services provider, announced that its majority stockholder, Sol Holding, LLC, has approved the issuance of warrants to purchase shares of the company's common stock. This corporate action, taken by written consent dated February 14, 2024, in lieu of a special meeting, allows for the issuance of warrants equal to 20% or more of the common stock before the issuance for less than the market value of the stock. The approval was required under Nasdaq Rule 5635(d) for transactions involving the issuance of common stock at a price below the 'minimum price' and where the issuance equals 20% or more of the common stock or voting power outstanding before the issuance. The board of directors of...Show More

SunPower Corporation, a leading solar technology and energy services provider, announced that its majority stockholder, Sol Holding, LLC, has approved the issuance of warrants to purchase shares of the company's common stock. This corporate action, taken by written consent dated February 14, 2024, in lieu of a special meeting, allows for the issuance of warrants equal to 20% or more of the common stock before the issuance for less than the market value of the stock. The approval was required under Nasdaq Rule 5635(d) for transactions involving the issuance of common stock at a price below the 'minimum price' and where the issuance equals 20% or more of the common stock or voting power outstanding before the issuance. The board of directors of SunPower Corporation is furnishing this notice and the accompanying information statement to the stockholders of record as of February 14, 2024. The action is set to become effective on April 11, 2024, 20 calendar days after the mailing of the Information Statement, which is being distributed on or about March 22, 2024. No action is required by the stockholders, and no proxy is requested. The Information Statement is available on the SEC's website.