SAN JOSE, Calif., July 2, 2020 /PRNewswire/ -- SunPower Corp.
(NASDAQ:SPWR) today announced that its planned spin-off, Maxeon
Solar Technologies, filed an initial Form 20-F registration
statement with the U.S. Securities and Exchange Commission (SEC).
The form includes a detailed business overview with strategy,
financials and competitive strengths relating to Maxeon Solar and
the spin-off.
SunPower first announced its plans to spin off the international
portion of its technologies business last November, allowing each
business to focus on distinct regions and areas of the solar value
chain, accelerating growth and profitability:
- SunPower will continue as the leading North American
distributed generation, storage and energy services company with
more than 500 dealer partners and 3.2 gigawatts installed in the
residential, new homes and commercial direct markets.
- Newly formed Maxeon Solar Technologies will combine its leading
global sales channel outside the U.S. and Canada with pioneering solar innovation and
capital-efficient manufacturing. Maxeon will market SunPower
branded panels outside the U.S. and Canada through its industry-leading network of
more than 1,100 sales and installation partners.
"This filing is a key milestone and another important step
toward splitting off Maxeon Solar as a separate company," said
Tom Werner, SunPower CEO and
chairman of the board. "As we progress toward the separation, we
are confident in the potential of SunPower and Maxeon Solar as
distinct companies, capitalizing on significant growth
opportunities and concentrating resources on their respective
businesses and strategic priorities."
"The Maxeon team is very motivated by the prospect of creating a
new and innovative company that combines our best in class
technology and unique sales channels in over 100 markets," said
Jeff Waters, CEO of SunPower
Technologies and soon-to-be CEO of Maxeon Solar. "We look forward
to the future, and we will work hard to reward our new shareholders
by creating a business with high growth and sustainable
profitability."
SunPower anticipates closing the planned spin-off of Maxeon
Solar during the third quarter of 2020. In May, Maxeon Solar's
future investor and long-time partner Tianjin Zhonghuan
Semiconductor Co. (TZS) received necessary regulatory approval from
the China State Administration for Market Regulation.
A copy of the initial Form 20-F will be available at
www.sec.gov. The information in the initial Form 20-F is not final
and remains subject to change.
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. For more information about how SunPower is
changing the way our world is powered, visit www.sunpower.com.
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 Solar and TZS's investment therein, including timing and
certainty, the anticipated benefits of the transaction, and our
expectations for future financial and operational performance and
the creation of shareholder value. 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, logistical, and other
challenges that may arise, potential disruptions to our operations
that may result from epidemics or natural disasters, including
impacts of the COVID-19 pandemic, market conditions, including
those related to COVID-19 and its effect on the financial markets
and our ability to finalize the financing for the transaction, and
other closing conditions and approvals related to the transaction.
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.