SAN JOSE, Calif. and
SINGAPORE, Aug. 4, 2020 /PRNewswire/ -- Maxeon Solar
Technologies, Ltd., currently a wholly owned subsidiary of SunPower
Corp. (NASDAQ:SPWR), announced today that its Registration
Statement on Form 20-F has been declared effective by the U.S.
Securities and Exchange Commission (SEC) in connection with the
planned spin-off of the Maxeon business by SunPower.
"We are pleased to reach this significant milestone for both
Maxeon and SunPower, with its straightforward rationale," said
Tom Werner, CEO and chairman of the
board. "Upon completion of the transaction, including a
significant investment and the recent close of debt and bank
financing, Maxeon's sufficient capital will allow it to rapidly
expand its international manufacturing footprint and downstream
footprint. For SunPower, it will become the leading North American
distributed generation company with an installed base of more than
3.5 gigawatts. It can now leverage its asset-light model and
significantly improve its return on invested capital, starting in
the second half of this year."
On Aug. 26, 2020, the proposed
distribution date for the spin-off, SunPower will distribute to
holders of SunPower shares, as a pro-rata dividend, one Maxeon
share for every eight SunPower shares held on close of business on
Aug. 17, 2020, the record date for
the spin-off. Maxeon shares are expected to commence trading on a
standalone basis on the NASDAQ under the symbol "MAXN" on
Aug. 27, 2020.
SunPower shareholders do not need to take any action to receive
Maxeon shares to which they are entitled, and do not need to pay
any consideration or surrender or exchange of SunPower shares. The
distribution generally should not be taxable to SunPower
shareholders for Singapore
withholding and income tax and for U.S. federal income tax
purposes.
In the event there are any changes to the record date or the
distribution date, or new material information relating to the
distribution of Maxeon shares becomes available, SunPower will
publish any such changes or updates in a press release that will
also be furnished with the SEC by SunPower on a Form 8-K and by
Maxeon on a Form 6-K. In addition, SunPower will give at least 10
calendar days' notice of any changes to the record date to the
NASDAQ in accordance with NASDAQ's requirements.
The registration statement filed with the SEC contains detailed
information about Maxeon's operations, including its business
strategy, financial condition, risk factors and conditions to the
completion of the spin-off. The registration statement is available
on the SEC's website at www.sec.gov.
About Maxeon Solar Technologies
Following the Maxeon
spin-off, Maxeon will be one of the world's leading global
manufacturers and marketers of premium solar power technology.
Maxeon will continue the decades long SunPower technological
innovation legacy and will operate an industry-leading sales and
distribution channel across six continents. Headquartered in
Singapore, Maxeon manufactures its
solar cells in Malaysia and
the Philippines, assembles solar
cells into panels in France,
Mexico and China (through its joint venture, Huansheng),
and sells its products in over 100 countries.
About SunPower
As one of the world's most innovative
and sustainable energy companies, SunPower Corporation (NASDAQ:
SPWR) provides a diverse group of customers with complete solar
solutions and services. Residential customers, businesses,
governments, schools and utilities around the globe rely on
SunPower's more than 30 years of proven experience. From the first
flip of the switch, SunPower delivers maximum value and superb
performance throughout the long life of every solar system.
Headquartered in Silicon Valley, SunPower has dedicated,
customer-focused employees
in Africa, Asia, Australia, Europe, North
and South America.
Forward Looking Statements
This press release contains
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995, including, but not
limited to, statements regarding the anticipated spin-off of
Maxeon's, including timing and certainty, the planned record and
distribution dates, and anticipated tax treatment; our and Maxeon's
anticipated competitive positioning and positioning for future
success following the spin-off. These forward-looking statements
are based on our current assumptions, expectations and beliefs and
involve substantial risks and uncertainties that may cause results,
performance or achievement to materially differ from those
expressed or implied by these forward-looking statements. Factors
that could cause or contribute to such differences include, but are
not limited to challenges in executing transactions key to our
strategic plans, including regulatory and other challenges that may
arise; regulatory changes and the availability of economic
incentives promoting use of solar energy; and challenges managing
our acquisitions, joint ventures and partnerships, including our
ability to successfully manage acquired assets and supplier
relationships. In addition, the proposed and the associated
investment in Maxeon may not be consummated within the anticipated
period or at all and the ultimate results of any separation depend
on a number of factors, including the development of final plans
and the impact of local regulatory requirements. A detailed
discussion of these factors and other risks that affect our
business is included in filings we make with the Securities and
Exchange Commission (SEC) from time to time, including our most
recent reports on Form 10-K and Form 10-Q, particularly under the
heading "Risk Factors." Copies of these filings are available
online from the SEC or on the SEC Filings section of our Investor
Relations website at investors.sunpower.com. All forward-looking
statements in this press release are based on information currently
available to us, and we assume no obligation to update these
forward-looking statements in light of new information or future
events.
© 2020 SunPower Corporation. All Rights Reserved. SUNPOWER,
MAXEON and the SUNPOWER logo are registered trademarks of SunPower
Corporation in the U.S. and other countries as well.
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SOURCE SunPower Corp.