Maxeon Solar Closes Forward Purchase Investment

TL;DR

Maxeon Solar closed its forward purchase deal on Aug 30th.

AI Summary

On August 30, 2024, Maxeon Solar Technologies, Ltd. announced the closing of its Forward Purchase Investment, a transaction previously disclosed and entered into under a forward purchase agreement. This filing is a Report of Foreign Private Issuer.

Why It Matters

The closing of this investment signifies a completed financial transaction for Maxeon Solar Technologies, potentially impacting its capital structure and future operations.

Risk Assessment

Risk Level: low — This filing is an informational report on a completed financial transaction with no immediate new risks disclosed.

Key Players & Entities

• Maxeon Solar Technologies, Ltd. (company) — Registrant
• August 30, 2024 (date) — Closing date of the Forward Purchase Investment

FAQ

From the Filing

0001213900-24-074741.txt : 20240903 0001213900-24-074741.hdr.sgml : 20240903 20240903062532 ACCESSION NUMBER: 0001213900-24-074741 CONFORMED SUBMISSION TYPE: 6-K PUBLIC DOCUMENT COUNT: 5 CONFORMED PERIOD OF REPORT: 20240903 FILED AS OF DATE: 20240903 DATE AS OF CHANGE: 20240903 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Maxeon Solar Technologies, Ltd. CENTRAL INDEX KEY: 0001796898 STANDARD INDUSTRIAL CLASSIFICATION: SEMICONDUCTORS & RELATED DEVICES [3674] ORGANIZATION NAME: 04 Manufacturing IRS NUMBER: 000000000 STATE OF INCORPORATION: U0 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 6-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-39368 FILM NUMBER: 241271835 BUSINESS ADDRESS: STREET 1: 8 MARINA BOULEVARD #05-02 STREET 2: MARINA BAY FINANCIAL CENTRE CITY: MARINA BAY STATE: U0 ZIP: 018981 BUSINESS PHONE: 408.457.2302 MAIL ADDRESS: STREET 1: 8 MARINA BOULEVARD #05-02 STREET 2: MARINA BAY FINANCIAL CENTRE CITY: MARINA BAY STATE: U0 ZIP: 018981 FORMER COMPANY: FORMER CONFORMED NAME: Maxeon Solar Technologies, Pte. Ltd. DATE OF NAME CHANGE: 20191213 6-K 1 ea0212788-6k_maxeon.htm REPORT OF FOREIGN PRIVATE ISSUER UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 6-K REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16 UNDER THE SECURITIES EXCHANGE ACT OF 1934 Date of Report: September 2024 Commission File Number: 001-39368 MAXEON SOLAR TECHNOLOGIES, LTD. (Exact Name of registrant as specified in its charter) 8 Marina Boulevard #05-02 Marina Bay Financial Centre 018981, Singapore (Address of principal executive office) Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F. Form 20-F ☒ Form 40-F ☐ Closing of Forward Purchase Agreement On August 30, 2024, Maxeon Solar Technologies, Ltd. (the “ Company ”) closed its previously announced transaction (the “ Forward Purchase Investment ”) pursuant to a forward purchase agreement (the “ Forward Purchase Agreement ”) entered into on June 14, 2024 by and between the Company and Zhonghuan Singapore Investment and Development Pte. Ltd. (the “ Investor ”), relating to the sale by the Company, and the purchase by the Investor, on the terms and subject to the conditions set forth in the Forward Purchase Agreement, of ordinary shares of the Company (the “ Forward Purchase Shares ”). Prior to the closing of the Forward Purchase Investment, the Company and the Investor agreed to waive certain closing conditions under the FPA, on the terms and subject to the conditions specified in the waiver letter, including, among other things: (i) the receipt of certain regulatory approvals; (ii) the requirement that the exchange of all of Tranche A of the Company’s Adjustable Rate Convertible Second Lien Senior Secured Notes due 2028 shall have occurred on or prior to the Closing Date; (iii) the requirement that a sufficient number of members of the board of directors (the “ Board ”) of the Company shall have resigned from the Board (and each committee of the Board, other than the audit committee), such that following the designation of additional members to the Board pursuant to the shareholders agreement, as amended, the members of the Board designated by TZE will represent a majority of the members of the Board (and each committee of the Board, other than the audit committee); and (iv) as the Company is evaluating the shutdown of its operations in Malaysia, that such event or development, would not cause the Company to fail to perform, satisfy and comply in all material respects with the covenants, agreements and conditions required by the Forward Purchase Agreement to be performed, satisfied or complied with by the Company at or prior to the Closing. In connection with the closing of the Forward Purchase Investment, the Company issued and sold to the Investor, and the Investor purchased, 829,187,396 Forward Purchase Shares