SINGAPORE, Sept. 8, 2020 /PRNewswire/ -- Maxeon Solar
Technologies, Ltd. (NASDAQ:MAXN) (Maxeon) today announced that the
note valuation period for its outstanding 6.50% green convertible
senior notes due 2025 (the "Notes") will commence on September 9, 2020, and is expected to end at the
close of business on September 29,
2020. As previously announced, Maxeon's ordinary shares were
distributed to SunPower Corporation's (NASDAQ:SPWR) common
stockholders as part of Maxeon's spin-off from SunPower Corporation
on August 26, 2020. Maxeon's
Registration Statement on Form F-3 (File No. 333-248564) under the
Securities Act of 1933 was subsequently declared effective by the
Securities and Exchange Commission on September 8, 2020, and on that date Maxeon
entered into the underwriting agreement contemplated by the
physical delivery forward transaction entered into in connection
with the issuance of Notes, satisfying the note valuation period
conditions precedent. Accordingly, the Maxeon Spin-Off Distribution
Date (as defined in the indenture governing the Notes) occurred on
August 26, 2020, and the first Volume
Weighted Average Price (VWAP) trading day of the note valuation
period will be September 9, 2020.
About Maxeon Solar Technologies
Maxeon Solar
Technologies (NASDAQ: MAXN) is Powering Positive Change™.
Headquartered in Singapore, Maxeon
designs and sells SunPower brand solar panels across more than 100
countries and is the leader in solar innovation with access to over
900 patents and two best-in-class solar panel product lines. With
operations in Africa, Asia, Oceania, Europe and Mexico, Maxeon 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
contains forward-looking statements within the meaning of the
Private Securities Litigation Reform Act of 1995, including, but
not limited to, statements regarding the commencement and
expiration of the note valuation period. These forward-looking
statements are based on Maxeon's 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: (a) Maxeon's
expectations regarding pricing trends, demand and growth
projections; (b) potential disruptions to Maxeon's operations and
supply chain that may result from epidemics or natural disasters,
including impacts of the COVID-19 pandemic; (c) anticipated product
launch timing and Maxeon's expectations regarding ramp, customer
acceptance, upsell and expansion opportunities; (d) Maxeon's
expectations and plans for short- and long-term strategy, including
Maxeon's anticipated areas of focus and investment, market
expansion, product and technology focus, and projected growth and
profitability; (e) Maxeon's liquidity, substantial indebtedness,
and ability to obtain additional financing for its projects and
customers; (f) Maxeon's upstream technology outlook, including
anticipated fab utilization and expected ramp and production
timelines for its Maxeon 5 and 6, next-generation Maxeon 7 and
Performance Line solar panels, expected cost reduction, and future
performance; (g) Maxeon's strategic goals and plans, including
partnership discussions with respect to its next generation
technology, and Maxeon's ability to achieve them; (h) Maxeon's
financial plans; (i) Maxeon's expectations regarding the potential
outcome, or financial or other impact on it or any of its
businesses as a result of its previously completed spin-off from
SunPower Corporation, or regarding potential future sales or
earnings of Maxeon or any of its businesses or potential
shareholder returns; and (j) adjustments by note investors of their
hedging positions in Maxeon's ordinary shares. A detailed
discussion of these factors and other risks that affect Maxeon's
business is included in filings Maxeon makes with the SEC from time
to time, including its Form 20-F, which was declared effective by
the SEC on August 4, 2020, particularly under the heading "Item
3.D. Risk Factors." Copies of these filings are available online
from the SEC or on the Financials & Filings section of Maxeon's
Investor Relations website at
www.maxeon.com/financials-filings/sec-filings. All forward-looking
statements in this press release are based on information currently
available to Maxeon, and Maxeon assumes no obligation to update
these forward-looking statements in light of new information or
future events.
© 2020 Maxeon Solar Technologies, Ltd. All Rights Reserved.
MAXEON is a registered trademark of Maxeon Solar Technologies, Ltd.
View maxeon.com/trademarks for more information.
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SOURCE Maxeon Solar