UPDATE 3 - Maxeon raises USD 18.7m from exercise of over-allotment option

Singapore-based solar panel maker Maxeon Solar Technologies Ltd (NASDAQ:MAXN) on Monday said it has raised an additional USD 18.7 million when the underwriters to its recent share sale exercised their over-allotment option.

In the public offering, the company sold 6.94 million ordinary shares priced at USD 18.00 apiece, raising USD 125 million in total. As part of the over-allotment option, the underwriters bought an additional 1.04 million shares at the offering price.

As previously announced, Maxeon will use the proceeds for general corporate purposes, including the planned expansion of its Performance line expansion, a potential increase in the production of its solar panels, research and development and other projects.

Morgan Stanley and BofA Securities acted as joint book-running managers and representatives of the underwriters for the issue.

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