UPDATE - Maxeon to raise up to USD 135m net from share offering

Maxeon Solar Technologies Ltd (NASDAQ:MAXN) expects net proceeds of up to USD 134.9 million (112.7m) from its previously announced public offering of ordinary stock.

The Singapore-based solar panel maker, a SunPower Corp spin-off, said today it has priced the underwritten offering of shares at USD 18.00 apiece. The size of the offering is USD 125 million, seen to bring USD 117.1 million of net proceeds once underwriting discounts and commissions and estimated offering expenses are taken out of the calculation. The company has given the underwriters a 30-day over-allotment option that could bring an additional USD 18.7 million, or USD 17.8 million net.

Separately, Maxeon has agreed to sell to Chinese silicon wafers supplier Tianjin Zhonghuan Semiconductor Co Ltd (SHE:002129), or TZS, an existing shareholder, 1.87 million ordinary shares at the offering price.

The company will spend a portion of the net proceeds from the offering and TZS deal 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.

Maxeon expects the offering to close on April 20. Morgan Stanley and BofA Securities have been appointed joint book-running managers and representatives of the underwriters.

(USD 1 = EUR 0.84)

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