SunPower Inc. (SPWR): M&A transaction — Complete Solaria sells solar panel business assets to Maxeon for 1.1M shares; president exits

SunPower Inc.

Sold photovoltaic cells, solar module business and IP to Maxeon for 1,100,000 Maxeon ordinary shares on Oct 6, 2023.
President & GM Vikas Desai resigned effective Oct 6, 2023 concurrent with the closing.
Maxeon agreed to hire certain Complete Solaria employees as part of the transaction.
Deal was initially disclosed on Sept 19, 2023; pro forma financials filed as Exhibit 99.1.

item 2.01 item 5.02 item 9.01

Executive movements

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Departed

Vikas Desai

President & General Manager, Business Units

SPWR · SunPower Inc.

Effective: 2023-10-06
Filed: October 13, 2023, 7:59 PM ET

Concurrent with the sale of the Purchased Assets, on October 6, 2023, in connection with the Agreement, Vikas Desai, resigned from his position as the Company’s President & General Manager, Business Units.

Key facts

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Executive change SEC 8-K Item 5.02 confidence 1.0

Vikas Desai resigned as President & General Manager, Business Units at SunPower Inc..

Action: resigned
Role: President & General Manager, Business Units

Exact text from the filing

Concurrent with the sale of the Purchased Assets, on October 6, 2023, in connection with the Agreement, Vikas Desai, resigned from his position as the Company’s President & General Manager, Business Units.

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M&A Transactions SEC 8-K Item 2.01/5.01 confidence 0.9

SunPower Inc. completed a disposition involving Maxeon Solar Technologies, Ltd. for 1,100,000 Maxeon ordinary shares (closed 2023-10-06).

Action: disposition
Counterparty: Maxeon Solar Technologies, Ltd.
Consideration: 1,100,000 Maxeon ordinary shares
Closing: 2023-10-06

Exact text from the filing

to the Agreement, the parties consummated the sale, thereby completing the disposition of the Purchased Assets. As consideration for the Purchased Assets, the Company received 1,100,000 Maxeon ordinary shares. The unaudited pro forma combined financial information of the Company as of and for the six months ended June 30, 2023 and for the year ended December 31,

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3 m&a transactions filed in the last 30 days. Browse all m&a transactions →

SunPower Inc. filing history →

Source: SEC EDGAR

accession 0001193125-23-256175

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