Expected Spin-off from SunPower Following Proposed Aug. 26, 2020 Distribution Date
PVTIME – Maxeon Solar Technologies, Ltd., currently a wholly owned subsidiary of SunPower Corp. (NASDAQ:SPWR), announced today that its Registration Statement on Form 20-F has been declared effective by the U.S. Securities and Exchange Commission (SEC) in connection with the planned spin-off of the Maxeon business by SunPower.
“We are pleased to reach this significant milestone for both Maxeon and SunPower, with its straightforward rationale,” said Tom Werner, CEO and chairman of the board. “Upon completion of the transaction, including a significant investment and the recent close of debt and bank financing, Maxeon’s sufficient capital will allow it to rapidly expand its international manufacturing footprint and downstream footprint. For SunPower, it will become the leading North American distributed generation company with an installed base of more than 3.5 gigawatts. It can now leverage its asset-light model and significantly improve its return on invested capital, starting in the second half of this year.”
On Aug. 26, 2020, the proposed distribution date for the spin-off, SunPower will distribute to holders of SunPower shares, as a pro-rata dividend, one Maxeon share for every eight SunPower shares held on close of business on Aug. 17, 2020, the record date for the spin-off. Maxeon shares are expected to commence trading on a standalone basis on the NASDAQ under the symbol “MAXN” on Aug. 27, 2020.
SunPower shareholders do not need to take any action to receive Maxeon shares to which they are entitled, and do not need to pay any consideration or surrender or exchange of SunPower shares. The distribution generally should not be taxable to SunPower shareholders for Singapore withholding and income tax and for U.S. federal income tax purposes.
In the event there are any changes to the record date or the distribution date, or new material information relating to the distribution of Maxeon shares becomes available, SunPower will publish any such changes or updates in a press release that will also be furnished with the SEC by SunPower on a Form 8-K and by Maxeon on a Form 6-K. In addition, SunPower will give at least 10 calendar days’ notice of any changes to the record date to the NASDAQ in accordance with NASDAQ’s requirements.
The registration statement filed with the SEC contains detailed information about Maxeon’s operations, including its business strategy, financial condition, risk factors and conditions to the completion of the spin-off. The registration statement is available on the SEC’s website at www.sec.gov.