SunPower (SPWR) to acquire Sunder Energy for $40M cash plus 10M shares, gaining #5 US solar spot

SunPower Inc.

Total consideration: $20M cash at closing + $20M seller note (7% due May 2026) + 10M shares (3.33M initial, 6.67M deferred subject to stockholder approval).
Sunder forecasts 2025 revenue ~$74M on 46 MW sales; SunPower expects to add ~$74M sales revenue in Q4'25 and ~$86.5M EPC revenue over 12 months.
Funding via $22M 7.00% convertible notes due 2029 placed by Cantor Fitzgerald; net ~$19.8M used for cash consideration and transaction costs.
93% of Sunder's orders are third-party ownership (TPO); IRS ITC subsidy retention supports continued business as usual.
Stockholder approval required for Deferred Consideration Shares and additional notes purchase option under Nasdaq Rule 5635.

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