Court Approves Complete Solar Purchase of SunPower Assets
2024年9月24日 - 11:47PM
Complete Solar Holdings, Inc. d/b/a Complete Solar (“Complete
Solar” or the “Company”) (Nasdaq: CSLR), a solar technology,
services, and installation company, today announced that the United
States Bankruptcy Court for the District of Delaware has approved
the going concern sale of substantially all assets of the Blue
Raven, New Homes and Dealer businesses of SunPower Corporation and
certain of its affiliates to Complete Solar for $45 million in
cash. The sale is expected to close on or before Monday, September
30, 2024, at which time SunPower businesses, the SunPower brand,
and about 1,000 employees will become part of Complete Solar, the
temporary name of SunPower during this transition.
T.J. Rodgers, Complete Solar’s CEO, commented
“This is a pivotal moment in the history of SunPower, one of the
most storied US solar companies. The dark cloud currently hanging
over the US solar industry will not bring SunPower’s demise. And
when that cloud recedes – as it must, since only 3.7% of American
homes have solar power in an age when solar energy has literally
become cheaper than fossil fuel energy – the New SunPower will
re-emerge as a lean and competitive American-owned company with a
national footprint.
Rodgers continued, “I would like to thank the US
Bankruptcy Court for recognizing Complete Solar’s good faith offer
to acquire the SunPower businesses, despite the ludicrous financial
claims made in court by Maxeon, a Singapore company whose stock has
been driven down to $0.078 per share as of yesterday due to the
dilution engineered by its dominant Chinese investor, the TCL
Corporation, which now controls the old SunPower manufacturing
organization and would like nothing more than to use the SunPower
brand to enter the US market.
Rodgers concluded, “Finally I would like to
thank our investors, who recently added another $40 million to the
offering we announced on September 9th, to bring the total proceeds
to $80 million. We do not anticipate needing any more cash during
this transition. The key presentation material used to raise that
funding is now available on our website.”
About Complete SolarComplete
Solar is a leading solar services provider in North America.
Complete Solar’s digital platform, exceptional customer and
installation services, support energy needs for customers wishing
to make the transition to a more energy-efficient lifestyle. For
more information visit https://www.completesolar.com.
Forward Looking
Statements This press release may contain certain
forward-looking statements within the meaning of the federal
securities laws with respect to the referenced transactions. These
forward-looking statements generally are identified by the words
“anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,”
“intend,” “may,” “might,” “plan,” “possible,” “potential,”
“predict,” “project,” “should,” “would,” and similar expressions,
but the absence of these words does not mean that a statement is
not a forward-looking statement. Forward-looking statements are
forecasts, predictions, projections and other statements about
future events that are based on current expectations, hopes,
beliefs, intentions, strategies and assumptions and, as a result,
are subject to risks and uncertainties. Many factors could cause
actual future events to differ materially from the forward-looking
statements in this press release the price of Complete Solar’s
securities may be volatile due to a variety of factors, including
changes in the applicable competitive or regulatory landscapes,
variations in operating performance across competitors, changes in
laws and regulations affecting Complete Solar’s business, and
changes in the combined capital structure; the ability to implement
business plans, forecasts, and the evolution of the markets in
which Complete Solar will compete.
Readers should carefully consider the foregoing
factors and the other risks and uncertainties described in the
“Risk Factors” section of Form 10-K filed with the Securities and
Exchange Commission (the “SEC”) on April 1, 2024. Such filings
identify and address other important risks and uncertainties that
could cause actual events and results to differ materially from
those contained in the forward-looking statements. Forward-looking
statements speak only as of the date they are made. Readers are
cautioned not to put undue reliance on forward-looking statements,
and Complete Solar assumes no obligation and does not intend to
update or revise these forward-looking statements, whether as a
result of new information, future events, or otherwise.
For investor inquiries, please contact:
Complete Solar, Inc.Genevieve SwordsPhone: +1 (801)
477-5847InvestorRelations@CompleteSolar.com
Source: Complete Solar, Inc.
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