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SunPower Closes $41 Million Funding Round $40 Million Debt Reduction
OREM, Utah, April 28, 2026 (GLOBE NEWSWIRE) -- SunPower Inc. (herein “SunPower,” the “Company,” or Nasdaq: “SPWR”), a solar technology, services, and installation company, today announced it had closed a private placement of $41 million in senior, convertible debenture notes with a 10% coupon (the “new offering”). The proceeds will provide liquidity and debt reduction by paying off $28.75 million of existing debt. In addition, certain investors in our prior 7.0% convertible notes have agreed to
About this update from Banco Santander, S.a.
OREM, Utah, April 28, 2026 (GLOBE NEWSWIRE) -- SunPower Inc. (herein “SunPower,” the “Company,” or Nasdaq: “SPWR”), a solar technology, services, and installation company, today announced it had closed a private placement of $41 million in senior, convertible debenture notes with a 10% coupon (the “new offering”). The proceeds will provide liquidity and debt reduction by paying off $28.75 million of existing debt. In addition, certain investors in our prior 7.0% convertible notes have agreed to exchange $21.25 million of the principal in those notes for equity in the company, bringing the company’s total debt reduction to $40 million. Finally, Sunder, our recently acquired solar sales company, has swapped $10 million in acquisition debt for notes in the new offering. SunPower’s sole Financial Advisor and Placement Agent was Santander, and Arnold & Porter served as legal counsel on this convertible note transaction. SunPower CEO, T.J. Rodgers commented, “The cash plan for this offering, which shows it will carry us through 2026 into a positive cashflow period in 2027 and beyond, will be further discussed in the Tuesday May 12 investor report. It was key in convincing investors to support our new offering in the very week that Freedom Forever, the fast-growing No. 2 U.S. residential solar company, declared Chapter 11 bankruptcy, adding to solar market uncertainty. Based on prior acquisitions, SunPower has moved to No. 5 spot in residential solar in the U.S., with No. 3 in sight. As a second benefit of troubled times, we have also signed about 600 sales representatives coming from Freedom Forever and two other recently distressed companies. We thank our investors for supporting our opportunity to grow.” Q1’26 Earnings Release & Call: Tuesday, May 12th at 1pm ETSunPower will release its Q1’26 results on Tuesday, May 12th, prior to market opening. A conference call to discuss the results and provide an update on the company will be held the same day, Tuesday, May 12th, at 1:00pm ET. Interested parties may access the webcast by registering here or by visiting the Events page within the IR section of the company website: https://investors.sunpower.com/news-events/events. About SunPowerSunPower Inc. (Nasdaq: SPWR) is a leading residential solar services provider in North America. The Company’s digital platform and installation services support energy...
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