SINGAPORE, April 16, 2021 /PRNewswire/ -- Maxeon Solar
Technologies, Ltd. (Maxeon) (NASDAQ: MAXN) today announced the
pricing of an underwritten public offering of $125.0 million of ordinary shares at a price of
$18.00 per share. Maxeon also granted
the underwriters a 30-day option to purchase up to an additional
$18.7 million of ordinary shares in
the public offering on the same terms and conditions. Maxeon
expects to receive net proceeds from the offering of approximately
$117.1 million after underwriting
discounts and commissions and estimated offering expenses (or
approximately $134.9 million if the
underwriters exercise their option to purchase additional
shares). The offering is expected to close on April 20, 2021, subject to customary closing
conditions (the "Offering").
In addition, pursuant to a stock purchase agreement, dated
April 13, 2021, with an affiliate of
Tianjin Zhonghuan Semiconductor ("TZS"), Maxeon has agreed to sell
to TZS, in a private placement exempt from the registration
requirements of the Securities Act of 1933, and at a sale price
equal to the price to the public in the Offering, 1.87 million
ordinary shares (the "TZS Private Placement").
Maxeon intends to use a portion of the net proceeds from the
Offering and the TZS Private Placement 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 are serving as joint
book-running managers and as the representatives of the
underwriters for the Offering. An effective registration statement
on Form F-3 (File No. 333-248564) relating to these securities has
been filed with the Securities and Exchange Commission (the "SEC").
The offering will be 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
Change™
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 anticipated terms of the notes
being offered, the completion, 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.