Singapore-based solar panel maker Maxeon Solar Technologies Ltd (NASDAQ:MAXN) could raise close to USD 144 million (EUR 120m) through an underwritten public offering of ordinary shares.
The company, a spin-off of SunPower Corp (NASDAQ:SPWR), said on Wednesday that subject to market and other conditions it plans to offer USD 125 million of ordinary shares and grant the underwriters a 30-day option to buy up to an additional USD 18.75 million worth of stock on the same terms.
In addition, it said it had agreed to sell to Chinese silicon wafers supplier Tianjin Zhonghuan Semiconductor Co Ltd (SHE:002129), or TZS, between 1.5 million and 1.9 million ordinary shares at the same price as that in the aforementioned offering. TZS is an existing shareholder of the company.
Maxeon plans to spend a portion of the net proceeds for general corporate purposes, including funding a previously announced expansion of its Performance line. Also, it could support ramping up production and development of next-generation Maxeon 7 modules, raising manufacturing capacity for Maxeon 5 and 6, research and development (R&D) activities and other projects.
The joint book-running managers of the offering are Morgan Stanley and BofA Securities.
(USD 1.0 = EUR 0.835)
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