SINGAPORE, April 26, 2021 /PRNewswire/ -- Maxeon Solar
Technologies, Ltd. ("Maxeon") (NASDAQ: MAXN) today announced that,
in connection with its previously announced public offering of
6,944,445 ordinary shares, the underwriters have fully exercised
their option to purchase an additional 1,041,666 ordinary shares
(the "Option Shares") at a public offering price of $18.00 per share. The issuance and sale of the
Option Shares closed today.
Maxeon intends to use the net proceeds from the offering of the
Option Shares for general corporate purposes, which is expected to
include funding its previously announced Performance line expansion
and may also include ramping up production and development of
next-generation Maxeon 7, increasing manufacturing capacity for
Maxeon 5 and 6, research and development and other projects.
Morgan Stanley and BofA Securities served as joint book-running
managers and as the representatives of the underwriters for the
offering. J Wood Capital Advisors LLC acted as financial advisor to
Maxeon for the offering. An effective registration statement on
Form F-3 (File Nos. 333-248564 and 333-255263) relating to these
securities has been filed with the Securities and Exchange
Commission (the "SEC"). The offering was made only by means of the
prospectus in that registration statement and the related
prospectus supplement. You may access these documents for free by
visiting the SEC's website at www.sec.gov. Alternatively, any
underwriter or any dealer participating in the offering will
arrange to send you the prospectus and the related prospectus
supplement if you request it from Morgan Stanley, Attention:
Prospectus Department, 180 Varick Street, Second Floor,
New York, New York 10014 or by
contacting BofA Securities, NC1-004-03-43, 200 North College
Street, 3rd Floor, Charlotte, NC
28255-0001, Attention: Prospectus Department, calling 800/294-1322
or emailing dg.prospectus_requests@bofa.com.
This press release does not constitute an offer to sell or the
solicitation of an offer to buy Maxeon's ordinary shares nor shall
there be any sale of such shares in any state or jurisdiction in
which such offer, solicitation or sale would be unlawful prior to
registration or qualification under the securities laws of any such
state or jurisdiction.
About Maxeon Solar Technologies
Maxeon Solar
Technologies, Ltd. (NASDAQ:MAXN) is Powering Positive
ChangeTM. Headquartered in Singapore, Maxeon designs, manufactures and
sells SunPower® brand solar panels in more than 100 countries,
operating the SunPower brand worldwide except the United States and Canada. Maxeon is a leader in solar innovation
with access to over 1,000 patents and two best-in-class solar panel
product lines. With operations in Africa, Asia,
Oceania, Europe and Mexico, Maxeon's products span the global
rooftop and solar power plant markets through a network of more
than 1,100 trusted partners and distributors. A pioneer in
sustainable solar manufacturing, Maxeon leverages a 35-year history
in the solar industry and numerous awards for its technology.
Forward Looking Statements
This press release includes
forward-looking statements, including statements regarding the
timing and the intended use and allocation of the proceeds.
Forward-looking statements represent Maxeon's current expectations
regarding future events and are subject to known and unknown risks
and uncertainties that could cause actual results to differ
materially from those implied by the forward-looking statements.
Among those risks and uncertainties are market conditions,
including market interest rates, the perceived value of Maxeon's
ordinary shares and risks relating to Maxeon's business, including
those described in Maxeon's Annual Report on Form 20-F that is on
file with the SEC. Maxeon cannot provide any assurances regarding
its ability to effectively apply the net proceeds as described
above. The forward-looking statements included in this press
release speak only as of the date of this press release, and Maxeon
does not undertake to update the statements included in this press
release for subsequent developments, except as may be required by
law.
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SOURCE Maxeon Solar Technologies, Ltd.