Complete Solaria raises $5M via SAFEs with Executive Chairman's trust

SunPower Inc.

Entered two SAFEs with Rodgers Massey Freedom Trust for $1.5M on Jan 31 and $3.5M on Feb 15, 2024.
SAFEs convertible at lower of pre-money valuation cap ($53.54M) or 80% of next equity financing price.
Maximum shares issuable: 1,431,297 from first SAFE at ~$1.05/share; 3,707,627 from second at ~$0.94/share.
Thurman J. Rodgers, Executive Chairman, is trustee of the Purchaser; related-party transaction.
Securities issued exempt under Section 4(a)(2) and Rule 506(b); unregistered.

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. entered into Second SAFE with Rodgers Massey Freedom and Free Markets Charitable Trust valued at $3,500,000 (effective 2024-02-15).

Action: entry
Agreement: equity purchase
Counterparty: Rodgers Massey Freedom and Free Markets Charitable Trust
Value: $3,500,000
Effective: 2024-02-15

Exact text from the filing

On February 15, 2024, the Company entered into a simple agreement for future equity (the “Second SAFE” and together with the First SAFE, the “SAFEs”) with the Purchaser in connection with the Purchaser investing $3,500,000 in the Company.

View on SEC.gov

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

SunPower Inc. entered into First SAFE with Rodgers Massey Freedom and Free Markets Charitable Trust valued at $1,500,000 (effective 2024-01-31).

Action: entry
Agreement: equity purchase
Counterparty: Rodgers Massey Freedom and Free Markets Charitable Trust
Value: $1,500,000
Effective: 2024-01-31

Exact text from the filing

On January 31, 2024, Complete Solaria, Inc. (the “Company”) entered into a simple agreement for future equity (the “First SAFE”) with the Rodgers Massey Freedom and Free Markets Charitable Trust (the “Purchaser”) in connection with the Purchaser investing $1,500,000 in the Company.

View on SEC.gov

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

SunPower Inc. filing history →

Source: SEC EDGAR

accession 0001213900-24-014892

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