MAXN - Maxeon prices upsized offering of 7.5M shares

2023-05-17 09:07:31 ET

• Maxeon Solar Technologies ( NASDAQ: MAXN ) on Wednesday priced an underwritten public offering of 7.5 million ordinary shares at $28 per share.
• The offering includes 5,620,000 ordinary shares offered by the company and 1,870,000 ordinary shares offered by an affiliate of TotalEnergies SE.
• The offering was upsized from the previously announced offering size of 6.8 million ordinary shares.
• TotalEnergies has granted the underwriters a 30-day option to purchase up to an additional 1,123,500 ordinary shares in the public offering.
• The company expects proceeds of about $157.4 million from its offering.
• The company will not receive any proceeds from the TotalEnergies offering.
• Additionally, the company has agreed to sell to TZE SG 1.5 million ordinary shares for a total investment of $42.0 million in a private placement.
• The company expects to use the net proceeds from offering and the TZE Private Placement for capital expenditures and general corporate purposes.
• BofA Securities and Morgan Stanley are serving as joint book-running managers and as representatives of the underwriters for the offering.
• Press Release .
• Shares -6.9% at $29.03 premarket

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