Complete Solaria Agrees to Terms to Sell Certain North American Solar Panel Assets
21 Agosto 2023 - 8:30AM
Complete Solaria, Inc. (“Complete Solaria” or the “Company”)
(Nasdaq: CSLR), a leading solar technology, services, and
installation company, today announced they have entered into a
Non-Binding Letter of Intent to sell certain Complete Solaria’s
North American solar panel assets to a global, tier-1 panel
manufacturer. The agreement also includes a provision for the buyer
to supply premium, high-power solar panels to Complete Solaria.
Complete Solaria CEO, Will Anderson, said, “We
are shifting our business away from manufacturing and toward our
highest margin, most popular ‘total-service model’ in which we
design, install, and warranty full solar systems. However, we will
maintain access to our market-leading premium panels that support
our end-to-end customer offering. Our Pro Partner installers will
also benefit with access to a broader range of products. This is a
great deal for us. It will supply valuable cash to the business,
lower our operating costs, and help us achieve profitability
sooner.”
Further information about the transaction will
be published in due course. Deal closing is expected by the end of
September. There can be no assurance that the transaction will
close. Key terms and closing schedule may be subject to change.
About Complete SolariaComplete
Solaria is a solar company with unique technology and an end-to-end
customer offering, which includes financing, project fulfilment and
customer service. Complete Solaria’s digital platform together with
premium solar products enable one-stop service for clean energy
needs for customers wishing to make the transition to a more
energy-efficient lifestyle. To learn more, visit:
https://www.completesolaria.com.
Forward Looking
Statements This press release may contain certain
forward-looking statements within the meaning of the federal
securities laws with respect to the referenced transactions. These
forward-looking statements generally are identified by the words
“anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,”
“intend,” “may,” “might,” “plan,” “possible,” “potential,”
“predict,” “project,” “should,” “would,” and similar expressions,
but the absence of these words does not mean that a statement is
not a forward-looking statement. Forward-looking statements are
forecasts, predictions, projections and other statements about
future events that are based on current expectations, hopes,
beliefs, intentions, strategies and assumptions and, as a result,
are subject to risks and uncertainties. Many factors could cause
actual future events to differ materially from the forward-looking
statements in this press release, including but not limited to: (i)
risks that the sale of certain assets will not be completed on the
terms set forth in the non-binding Letter of Intent; (ii) the sale
of assets disrupts current plans and operations of the companies or
diverts managements’ attention from Complete Solaria’s business
operations; (iii) the outcome of any legal proceedings that may be
instituted in connection with the assets sale; (iv) the price of
Complete Solaria’s securities may be volatile due to a variety of
factors, including changes in the applicable competitive or
regulatory landscapes, variations in operating performance across
competitors, changes in laws and regulations affecting Complete
Solaria’s business, and changes in the combined capital structure;
(v) the ability to implement business plans, forecasts, and other
expectations after the completion of the business combination, and
identify and realize additional opportunities; (vi) the evolution
of the markets in which Complete Solaria will compete.
The foregoing list of factors is not exhaustive.
Readers should carefully consider the foregoing factors and the
other risks and uncertainties described in the “Risk Factors”
section of the registration statement on Form S-4 filed, which was
declared effective by the Securities and Exchange Commission (the
“SEC”) on June 30, 2023. Such filings identify and address other
important risks and uncertainties that could cause actual events
and results to differ materially from those contained in the
forward-looking statements. Forward-looking statements speak only
as of the date they are made. Readers are cautioned not to put
undue reliance on forward-looking statements, and Complete Solaria
assumes no obligation and does not intend to update or revise these
forward-looking statements, whether as a result of new information,
future events, or otherwise.
Investor RelationsSioban
Hickie, ICR, Inc.CompleteSolariaIR@icrinc.com
Source: Complete Solaria, Inc.
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