Maxeon Solar Technologies Files 6-K on Note Changes

Ticker: MAXN · Form: 6-K · Filed: 2024-09-24T00:00:00.000Z

Sentiment: neutral

Topics: debt, notes, filing-update

Related Tickers: MAXN

TL;DR

Maxeon Solar (MAXN) filed a 6-K referencing prior note changes – watch for updates on their 2025 Notes.

AI Summary

Maxeon Solar Technologies, Ltd. filed a Form 6-K on September 24, 2024, referencing a previous filing from September 3, 2024. This filing pertains to a fundamental change concerning its 2025 Notes.

Why It Matters

This filing indicates potential adjustments or significant events related to Maxeon's 2025 Notes, which could impact the company's financial structure and investor confidence.

Risk Assessment

Risk Level: medium — Filings related to fundamental changes in debt instruments can signal financial distress or significant restructuring, warranting investor attention.

Key Players & Entities

FAQ

What specific fundamental change is occurring with the 2025 Notes?

The filing references a previous 6-K from September 3, 2024, which announced a fundamental change concerning the 2025 Notes, but the exact nature of this change is not detailed in this specific 6-K excerpt.

What is the significance of a 'Fundamental Change' for the 2025 Notes?

A fundamental change typically indicates a significant event that could alter the terms, value, or obligations associated with the notes, potentially affecting bondholders.

When was the initial announcement regarding the fundamental change made?

The initial announcement was made through a Form 6-K filed on September 3, 2024.

What is the filing date of this current 6-K report?

This current Form 6-K report was filed on September 24, 2024.

What is the primary purpose of a Form 6-K filing for a foreign private issuer?

A Form 6-K is used by foreign private issuers to report information that they have made or are required to make public in their home country, or that they have distributed or will distribute to their security holders.

From the Filing

0001213900-24-081424.txt : 20240924 0001213900-24-081424.hdr.sgml : 20240924 20240924160209 ACCESSION NUMBER: 0001213900-24-081424 CONFORMED SUBMISSION TYPE: 6-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20240924 FILED AS OF DATE: 20240924 DATE AS OF CHANGE: 20240924 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: 241320188 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 ea0215466-6k_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 ☐ Fundamental Change of 2025 Notes As previously announced through a current report on Form 6-K filed by Maxeon Solar Technologies, Ltd. (the “ Company ”) with the Securities and Exchange Commission on September 3, 2024 (the “ September 6-K ”), on August 30, 2024, the Company issued and sold to Zhonghuan Singapore Investment and Development Pte. Ltd. (“ TZE ”), and TZE purchased, 829,187,396 ordinary shares at a purchase price of $0.1206 per share for an aggregate purchase price of $99,999,999.96 . Pursuant to the indenture dated July 17, 2020 (as amended, restated, amended and restated, supplemented or otherwise modified from time to time, the “ 2025 Notes Indenture ”), among the Company, and the Trustee, in relation to the Company’s 6.50% Green Convertible Senior Notes due 2025 (the “ 2025 Notes ”), if a Fundamental Change (as defined in the 2025 Indenture) occurs, then each holder of 2025 Notes will have the right to require the Company to repurchase such holder’s 2025 Notes in accordance with the 2025 Notes Indenture. As of the date hereof, the aggregate principal amount of the outstanding 2025 Notes is $1,500,000. Pursuant to Section 4.02(E) of the 2025 Notes Indenture, the Company hereby provides the following information relating to the TZE Fundamental Change (as defined below): (A) On September 4, 2024, TZE and TCL Zhonghuan Renewable Energy Technology Co., Ltd. (“ TZE Parent ”) filed an amendment to their joint report on Schedule 13D pursuant to the Exchange Act disclosing that each of them has become the direct “beneficial owner” of Ordinary Shares representing 69.30% of the voting power of all of the Ordinary Shares (the “ TZE Fundamental Change ”). (B) The effective date of the TZE Fundamental Change is September 4, 2024; (C) To exercise its Fundamental Change Repurchase Right for a Note following a Fundamental Change, the Holder thereof must deliver to the Paying Agent: a. before the Close of Business on the Business Day immediately before the Fundamental Change Repurchase Date (as defined below), a duly completed, written Fundamental Change Repurchase Notice with respect to such Note; and. b. such Note by book-ent

View on Read The Filing