8-Kfiled March 1, 2023, 6:59 PM ETticker SPWRCIK 0001838987
other materialconfidence highsentiment negativemateriality 0.80
Freedom Acquisition I Corp. shareholders approve extension to June 2, 2023; 67% of Class A shares redeemed
SunPower Inc.
Shareholders approved extension of business combination deadline from March 2, 2023 to June 2, 2023, with up to three additional monthly extensions to September 2, 2023.
23,256,504 Class A ordinary shares redeemed at $10.21 per share, totaling approximately $237.4 million (67.41% of outstanding Class A shares).
Approximately $114.8 million remains in trust after redemptions, plus a $1.2 million contribution from the lender for the three-month extension.
The extension amendment and trust agreement amendment were approved by special resolution with 35,047,305 votes for and 326,543 against.
Company continues to pursue proposed business combination with Complete Solaria, Inc.
Extracted from this filing and checked against the source text.
Material AgreementsSEC 8-K Item 1.01/1.02confidence 0.95
SunPower Inc. amended Investment Management Trust Agreement with Continental Stock Transfer & Trust Company (effective 2023-02-28).
Action
amendment
Counterparty
Continental Stock Transfer & Trust Company
Effective
2023-02-28
Exact text from the filing
On February 28, 2023, shareholders of Freedom Acquisition I Corp., a Cayman Islands exempted company (“ Freedom ”), approved an amendment (the “ Trust Amendment ”) to that certain Investment Management Trust Agreement, dated as of February 25, 2021 (the “ Trust Agreement ”), by and between Freedom and Continental Stock Transfer & Trust Company, a New York corporation, as trustee (“ Continental ”).
SunPower Inc. shareholders approved Proposal to amend the Articles to extend the date by which Freedom must consummate a business combination at the 2023-02-28 meeting.
Proposal
charter amendment
Outcome
passed
Meeting
2023-02-28
Exact text from the filing
Proposal 1 The Shareholders approved, by special resolution, the proposal to amend the Articles (the “ Extension Amendment ”) to extend the date by which Freedom must (i) consummate a merger, amalgamation, share exchange, asset acquisition, share purchase, reorganization or similar business combination, which Freedom refers to as its initial business combination, (ii) cease its operations except for the purpose of winding up if it fails to complete such initial business combination, and (iii) redeem all of the Class A Ordinary Shares, included as part of the units sold in the IPO, for an additional three months, from March 2, 2023 to June 2, 2023, and thereafter to up to three (3) times by an additional one month each time (or up to September 2, 2023) (the “ Extension ,” such date, the “ Extended Date ,” and such proposal, the “ Extension Amendment Proposal ”), in the form attached as Annex A to the proxy statement dated February 10, 2023, as supplemented (the “ Proxy Statement ”). The
SunPower Inc. shareholders approved Proposal to amend the Trust Agreement to reflect the Extension at the 2023-02-28 meeting.
Outcome
passed
Meeting
2023-02-28
Exact text from the filing
Proposal 2 The Shareholders approved by the affirmative vote of at least sixty-five percent (65%) of the votes cast of the outstanding Ordinary Shares, voting together as a single class, the proposal to amend the Trust Agreement in the form set forth in Annex B of the Proxy Statement, by and between Freedom and Continental, to reflect the Extension. The voting results for such proposal were as follows: For Against Abstain 35,047,305 326,543 0
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