Maxeon announced public offering at a price of $18.00 per share
Post date: 19/04/2021 - 10:47
Module manufacturer Maxeon Solar Technologies, Ltd. 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 on the same terms and conditions. The company expects to receive net proceeds from the offering of approximately $117.1 million after underwriting discounts and commissions and estimated offering expenses ($134.9 million if the underwriters exercise their option to purchase additional shares). The offering is expected to close on April 20, 2021.
In addition, pursuant to a stock purchase agreement with an affiliate of Tianjin Zhonghuan Semiconductor, Maxeon will sell to TZS in a private placement at a sale price equal to the price to the public in the offering, 1.87 million ordinary shares.
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 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.
Headquartered in Singapore, Maxeon designs, manufactures and sells Sunpower brand solar panels worldwide except the United States and Canada. Maxeon was spun out of Sunpower Corp. The US solar company is majority owned (51.7 percent) by French utility Total, which is Maxeon's main shareholder (36.4 percent) as well.