SAN JOSE, Calif., Nov. 18, 2019 /PRNewswire/ -- SunPower Corporation (NASDAQ:SPWR) today announced that it is offering to sell, subject to market and other conditions, 22 million shares of its common stock through an underwritten public offering. SunPower also intends to grant the underwriters an option, exercisable for 30 days after the date of the final prospectus supplement, to purchase up to an additional 3.3 million shares of its common stock on the same terms and conditions.
SunPower intends to use the net proceeds from the offering for general corporate purposes, which may include partially funding the repayment of its 0.875% senior convertible debentures due 2021.
Goldman Sachs & Co. LLC and BofA Securities are serving as joint book-running managers and representatives of the underwriters for the offering. Baird is also acting as a co-manager for the offering. A registration statement relating to these securities has been filed with the Securities and Exchange Commission (SEC) and is effective. The offering will be made only by means of the prospectus in that registration statement and the related prospectus supplement. These documents may be accessed for free by visiting the SEC's website at www.sec.gov. Alternatively, SunPower, any underwriter or any dealer participating in the offering will arrange to send the prospectus and the related prospectus supplement by contacting SunPower at 51 Rio Robles, San Jose, CA 95134, Attention: Investor Relations or calling 408/240-5447; by contacting Goldman Sachs & Co. LLC, Prospectus Department, 200 West Street, New York, NY 10282, calling 866/471-2526, faxing 212/902-9316 or emailing Prospectus-ny@ny.email.gs.com; or by contacting BofA Securities, NC1-004-03-43, 200 North College Street, 3rd Floor, Charlotte, NC 28255-0001, Attention: Prospectus Department, calling 800/294-1322 or emailing dg.prospectus_requests@bofa.com.
This press release does not constitute an offer to sell or the solicitation of an offer to buy SunPower's common stock nor shall there be any sale of such common stock in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
About SunPower Corporation
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.
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 related to the use of the net proceeds of the offering. These forward-looking statements are based on current assumptions, expectations and beliefs of SunPower 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: (1) challenges in executing transactions key to SunPower's strategic plans, including regulatory and other challenges that may arise; (2) the success of SunPower's ongoing research and development efforts and SunPower's ability to commercialize new products and services, including products and services developed through strategic partnerships; (3) competition in the solar and general energy industry and downward pressure on selling prices and wholesale energy pricing; (4) SunPower's liquidity, substantial indebtedness, and ability to obtain additional financing for SunPower's projects and customers; (5) changes in public policy, including the imposition and applicability of tariffs; (6) regulatory changes and the availability of economic incentives promoting use of solar energy; (7) fluctuations in SunPower's operating results; (8) appropriately sizing SunPower's manufacturing capacity and containing manufacturing and logistics difficulties that could arise; (9) challenges managing SunPower's acquisitions, joint ventures and partnerships, including SunPower's ability to successfully manage acquired assets and supplier relationships; and (10) risks and uncertainties related to SunPower's proposed separation of its SunPower Technologies business unit into a new stand-alone company, including the associated benefits and costs. A detailed discussion of these factors and other risks that affect SunPower's business is included in filings SunPower makes with the SEC from time to time, including SunPower's 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 the Company's Investor Relations website at investors.sunpower.com. All forward-looking statements in this press release are based on information currently available to SunPower, and SunPower assumes no obligation to update these forward-looking statements in light of new information or future events.
SOURCE SunPower Corp.
