Freedom Acquisition I amends SPAC merger with Complete Solaria; removes $100M min cash condition, secures new financing

SunPower Inc.

Amendment deletes $100M minimum cash closing condition and related termination rights; deal now expected to close in Q2 2023.
Complete Solaria formed via merger of Complete Solar and Solaria on November 4, 2022, marking a key milestone.
T.J. Rodgers commits additional $4M in convertible notes, bringing total investment in Complete Solaria to $39M.
Debt facility of up to $10M secured from Kline Hill Partners to fund working capital obligations.
Non-binding LOI with Yorkville Advisors for up to $12M convertible note and $70M common stock facility post-closing.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

SunPower Inc. amended Amendment to the Business Combination Agreement with Complete Solaria, Inc. valued at Amendment to Business Combination Agreement deleting condition regarding $100M available cash, termi (effective 2022-12-26).

Action: amendment
Agreement: merger
Counterparty: Complete Solaria, Inc.
Value: Amendment to Business Combination Agreement deleting condition regarding $100M available cash, termi
Effective: 2022-12-26

Exact text from the filing

On December 26, 2022, Freedom Acquisition I Corp., a Cayman Islands exempted company (“ Freedom ”), Complete Solaria, Inc. (f/k/a Complete Solar Holding Corporation), a Delaware corporation (“ Complete Solaria ”), Jupiter Merger Sub I Corp., a Delaware corporation and a wholly owned subsidiary of Freedom (“ First Merger Sub ”) and Jupiter Merger Sub II LLC, a Delaware limited liability company and a wholly owned subsidiary of Freedom (“ Second Merger Sub ”), entered into a letter agreement (the “ Amendment ”) amending the Business Combination Agreement, dated as of October 3, 2022, by and among Freedom, Complete Solaria, First Merger and Second Merger Sub (the “ Business Combination Agreement ”).

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23 material agreements filed in the last 30 days. Browse all material agreements →

SunPower Inc. filing history →

Source: SEC EDGAR

accession 0001213900-22-083036

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