Maxeon Solar Technologies has announced a board-approved 1-for-100 reverse stock split, effective October 8, 2024, at 4:01 PM ET. The move aims to meet Nasdaq's minimum $1.00 per share bid requirement for maintaining listing on the Global Select Market. Trading on a split-adjusted basis will commence on October 9, 2024, under the same symbol "MAXN" but with a new CUSIP number.The reverse split will reduce outstanding shares from approximately 1.529 billion to 15 million, with fractional shares being aggregated and sold with proceeds distributed pro-rata to holders. The action will not affect shareholders' percentage ownership or voting rights, except for fractional share adjustments. The company's outstanding warrants, convertible notes, and equity-based awards will be proportionally adjusted.

Maxeon Solar Technologies has announced a board-approved 1-for-100 reverse stock split, effective October 8, 2024, at 4:01 PM ET. The move aims to meet Nasdaq's minimum $1.00 per share bid requirement for maintaining listing on the Global Select Market. Trading on a split-adjusted basis will commence on October 9, 2024, under the same symbol "MAXN" but with a new CUSIP number.The reverse split will reduce outstanding shares from approximately 1.529 billion to 15 million, with fractional shares being aggregated and sold with proceeds distributed pro-rata to holders. The action will not affect shareholders' percentage ownership or voting rights, except for fractional share adjustments. The company's outstanding warrants, convertible notes, and equity-based awards will be proportionally adjusted.