Zhonghuan Investment Amends Stake in Maxeon Solar

TL;DR

Zhonghuan Investment just updated their Maxeon Solar stake - big move incoming?

AI Summary

On June 21, 2024, Zhonghuan Singapore Investment & Development Pte. Ltd. filed an amendment (Amendment No. 6) to its Schedule 13D for Maxeon Solar Technologies, Ltd. The filing indicates a change in beneficial ownership, with Zhonghuan Singapore Investment & Development Pte. Ltd. now holding a significant stake in Maxeon Solar Technologies, Ltd.

Why It Matters

This amendment signals a potential shift in control or influence for Maxeon Solar Technologies, Ltd., which could impact its strategic direction and shareholder value.

Risk Assessment

Risk Level: medium — Changes in major shareholder filings can indicate potential strategic shifts, takeover bids, or activist investor involvement, all of which carry inherent risks.

Key Players & Entities

• Maxeon Solar Technologies, Ltd. (company) — Subject Company
• Zhonghuan Singapore Investment & Development Pte. Ltd. (company) — Filing Party
• TCL Zhonghuan Renewable Energy Technology Co., Ltd. (company) — Group Member

FAQ

Key Financial Figures

• $97,500,000 — es Purchase Agreement "), TZS purchased $97,500,000 aggregate principal amount of the Issue
• $70,000,000 — purchase price of $97,500,000, of which $70,000,000 was paid by TZS in the form of cash as
• $100,000,000 — suer for an aggregate purchase price of $100,000,000 (the " Forward Purchase Transaction ").

Filing Documents

• ef20031409_sc13da.htm (SC 13D/A) — 73KB
• ef20031409_7-16.htm (EX-7.16) — 85KB
• image00001.jpg (GRAPHIC) — 106KB
• 0001140361-24-030894.txt ( ) — 306KB

of the Schedule 13D is hereby supplemented by adding the following

Item 3 of the Schedule 13D is hereby supplemented by adding the following: On June 20, 2024, pursuant to the previously disclosed Securities Purchase Agreement dated as of May 30, 2024 (the " New 1L Notes Purchase Agreement "), TZS purchased $97,500,000 aggregate principal amount of the Issuer's new 9.00% Convertible First Lien Senior Secured Notes due 2029 (the " New 1L Notes "), for an aggregate purchase price of $97,500,000, of which $70,000,000 was paid by TZS in the form of cash as described in Item 4. TZS also acquired a warrant (the " TZS Warrant ") for no additional consideration to purchase certain Ordinary Shares of the Issuer under certain circumstances. The source of funds used for TZS's purchase of the New 1L Notes was funds of TZS Parent and its affiliates available for investment. Item 4. Purpose of Transaction.

of the Schedule 13D is hereby supplemented by adding the following

Item 4 of the Schedule 13D is hereby supplemented by adding the following: On June 20, 2024, the Issuer consummated the transactions contemplated by the New 1L Notes Purchase Agreement and issued to TZS (i) $97,500,000 aggregate principal amount of the Issuer's New 1L Notes, for an aggregate purchase price of $97,500,000 (payable in a combination of cash, by tender of Additional 1L Notes held by TZS and by payment by TZS on behalf of the Issuer of an amount due to a global consulting firm for services rendered) and (ii) the TZS Warrant. In connection with the consummation of the transactions contemplated by the New 1L Notes Purchase Agreement, the Issuer, TZS and certain other shareholders entered into that certain Supplemental Deed to Shareholders Agreement dated as of June 20, 2024 (the " Supplemental Deed to Shareholders Agreement ") , whereby, among other things, the Issuer agreed to form a Strategy and Transformation Committee of its Board of Directors, which members shall consist of one of TZS's board designees and two other board members selected by the Issuer's Board of Directors. As previously disclosed in the Schedule 13D, TZS and the Issuer entered into a Forward Purchase Agreement dated as of June 14, 2024 (the " Forward Purchase Agreement ") pursuant to which, on the terms and subject to the conditions set forth therein, TZS agreed to purchase and the Issuer agreed to sell Ordinary Shares of the Issuer for an aggregate purchase price of $100,000,000 (the " Forward Purchase Transaction "). Consummation of the Forward Purchase Transaction will be subject to satisfaction of certain conditions, including receipt of required regulatory approvals. The Ordinary Shares subject to the Forward Purchase Transaction are not reflected in TZS's beneficial ownership as reported in this Amendment. It is expected that TZS would hold at least 50.1% of the Issuer's outstanding Ordinary Shares following consummation of the Forward Purchase Transaction. The information

of the Schedule 13D is hereby supplemented by adding the following

Item 6 of the Schedule 13D is hereby supplemented by adding the following:

of this Amendment is incorporated herein by reference

Item 4 of this Amendment is incorporated herein by reference. Item 7. Materials to be Filed as Exhibits

of the Schedule 13D is hereby supplemented by adding the following

Item 7 of the Schedule 13D is hereby supplemented by adding the following: Exhibit Number Description 7.16 Supplemental Deed to Shareholders Agreement, dated as of June 20, 2024, by and between the Issuer, TZS, TotalEnergies Solar INTL SAS and TotalEnergies GAZ & Electricit Holdings SAS.

SIGNATURES

SIGNATURES After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct. Date : June 21, 2024 TCL Zhonghuan Renewable Energy Technology Co., Ltd. By: /s/ Qin Shilong Name: Qin Shilong Title: Authorized Signatory Zhonghuan Singapore Investment and Development Pte. Ltd. By: /s/ Qin Shilong Name: Qin Shilong Title: Authorized Signatory

View Full Filing

View this SC 13D/A filing on SEC EDGAR