SINGAPORE, April 20, 2021 /PRNewswire/ -- Maxeon Solar
Technologies, Ltd. ("Maxeon") (NASDAQ: MAXN) today announced the
closing of its previously announced public offering of $125.0 million of ordinary shares at a public
offering price of $18.00 per
share.
In addition, Maxeon today announced the closing of its
previously announced sale of 1.87 million ordinary shares, to an
affiliate of Tianjin Zhonghuan Semiconductor in a private placement
exempt from the registration requirements of the Securities Act of
1933, pursuant to a stock purchase agreement, dated April 13, 2021, at a sale price equal to the
price to the public in the public offering.
The net proceeds from the public offering and private placement
were approximately $150.8 million
after giving effect to the underwriting discounts and commissions
and estimated offering expenses in the public offering. Maxeon
intends to use a portion of the net proceeds from the public
offering and 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. 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 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.