SunPower Announces $50 Million Draw on Previously Announced Second Lien Term Loan to Further Business Operations as Company Executes Business Plan
June 3, 2024
Source: Yahoo Finance
"Today's announcement demonstrates the continued support of our majority shareholders in the long-term value proposition of residential solar and SunPower's commitment to operating a financially sound business," said Tom Werner, Principal Executive Officer at SunPower. "In addition to this funding, in recent months, we have worked to reduce overall costs and increase the proportion of our costs that vary with changes in volume as we aim to build a more resilient business that can deliver consistent positive free cash flow in the future."
As a result of drawing upon the second tranche under the second lien term loan, SunPower agreed to issue warrants to Sol Holding to purchase up to approximately 33.4 million shares of common stock at an exercise price of $0.01 per share. SunPower also continues to work diligently to finalize its restated 2022 10-K, its 2023 10-K, and its first quarter 2024 10-Q filings.
About SunPower
SunPower is the highest-rated solar company in the U.S.† providing customized, high-quality, renewable home energy solutions to meet the unique needs of each family. Since 1985, SunPower has changed the way our world is powered by helping homeowners generate, store, and manage their own sustainable energy. Today, SunPower furthers its mission by helping more Americans gain energy independence through a curated selection of affordable products and flexible financing options. With its high product quality and reliability standards, it's easy to see why homeowners trust SunPower. For more information visit www.sunpower.com
† Based on public solar providers in the U.S. Includes averages of BBB, Yelp, Consumer Affairs, BestCompany, Google, SolarReviews and EnergySage review scores as of 3/31/24
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