RICHMOND, Calif., June 3, 2024
/PRNewswire/ -- Today, SunPower (NASDAQ:SPWR) announced it has
drawn upon the $50 million second
tranche of the $175 million second
lien term loan from Sol Holding, LLC
("Sol Holding") that it announced in
February 2024. Sol Holding, which is owned jointly by
affiliates of TotalEnergies SE and Global Infrastructure Partners,
is the majority owner of SunPower's common stock.
"Today's announcement demonstrates the continued support of our
majority shareholders in the long-term value proposition of
residential solar and SunPower's commitment to operating a
financially sound business," said Tom
Werner, Principal Executive Officer at SunPower. "In
addition to this funding, in recent months, we have worked to
reduce overall costs and increase the proportion of our costs that
vary with changes in volume as we aim to build a more resilient
business that can deliver consistent positive free cash flow in the
future."
As a result of drawing upon the second tranche under the second
lien term loan, SunPower agreed to issue warrants to Sol Holding to purchase up to approximately 33.4
million shares of common stock at an exercise price of $0.01 per share. SunPower also continues to work
diligently to finalize its restated 2022 10-K, its 2023 10-K, and
its first quarter 2024 10-Q filings.
About SunPower
SunPower is the highest-rated solar
company in the U.S.† providing customized, high-quality,
renewable home energy solutions to meet the unique needs of each
family. Since 1985, SunPower has changed the way our world is
powered by helping homeowners generate, store, and manage their own
sustainable energy. Today, SunPower furthers its mission by helping
more Americans gain energy independence through a curated selection
of affordable products and flexible financing options. With its
high product quality and reliability standards, it's easy to see
why homeowners trust SunPower. For more information visit
www.sunpower.com
† Based on public solar providers in the U.S.
Includes averages of BBB, Yelp, Consumer Affairs, BestCompany,
Google, SolarReviews and EnergySage review scores as of
3/31/24
Forward Looking Statements
This release includes
information that constitutes forward-looking statements. All
statements, other than statements of historical fact, are
forward-looking statements for purposes of the U.S. federal and
state securities laws. Forward-looking statements often address
expected future business and financial performance, and often
contain words such as "believe," "expect," "anticipate," "intend,"
"plan," or "will" or the negative thereof or other variations
thereof or comparable terminology. By their nature, forward-looking
statements address matters that are subject to risks and
uncertainties. Any such forward-looking statements may involve risk
and uncertainties that could cause actual results to differ
materially from any future results encompassed within the
forward-looking statements. Factors that could cause or contribute
to such differences include, but are not limited to, the Company's
ability to comply with debt covenants; the Company's ability to
repay our obligations as they come due; and the risks and other
important factors discussed under the caption "Risk Factors" in the
Company's Annual Report on Form 10-K/A for the fiscal year
ended January 1, 2023 and the Quarterly Report on Form
10-Q for the quarterly period 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 the Company's filings
with the SEC may not contain all of the material factors that are
important to you. In addition, in light of these risks and
uncertainties, the matters referred to in the forward-looking
statements contained in this press release may not in fact occur.
These forward-looking statements should not be relied upon as
representing the Company's views as of any subsequent date, and the
Company is under no obligation to, and expressly disclaims any
responsibility to, update or alter its 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.
