RICHMOND, Calif., Feb. 1, 2024
/PRNewswire/ -- SunPower Corp. (NASDAQ:SPWR) (the "Company" or
"SunPower"), a leading residential solar technology and energy
services provider, today announced that it has received additional
waiver extensions from Atlas Securitized Products Holdings, L.P.,
and Bank of America, providing for the extension of the latest
temporary waivers until February 16,
2024.
Additionally, the Company announced the receipt of commitments
for $20 million in financing from its
majority shareholders TotalEnergies and Global Infrastructure
Partners.
SunPower will use the runway afforded by this financing and the
extensions to continue discussions with key financial partners as
it evaluates all strategic alternatives toward a long-term
financial solution.
About SunPower
SunPower (NASDAQ:SPWR) is a leading
residential solar, storage and energy services provider in
North America. SunPower offers
solar + storage solutions that give customers control over
electricity consumption and resiliency during power outages while
providing cost savings to homeowners. For more information, visit
www.sunpower.com.
Forward Looking Statement
This release includes
information that constitutes forward-looking statements.
Forward-looking statements often address expected future business
and financial performance, and often contain words such as
"believe," "expect," "anticipate," "intend," "plan," or "will." By
their nature, forward-looking statements address matters that are
subject to risks and uncertainties. Any such forward-looking
statements may involve risk and uncertainties that could cause
actual results to differ materially from any future results
encompassed within the forward-looking statements. All statements,
other than statements of historical fact, are forward-looking
statements. Examples of such forward-looking statements include,
but are not limited to, statements regarding the Company's ability
to continue discussions with its key financial partners to obtain a
long-term solution, and the timing and outcome thereof. Factors
that could cause or contribute to such differences include, but are
not limited to, the Company's ability to obtain further waivers and
consents under the Company's credit facilities, and the timing and
outcome thereof; the Company's ability to comply with debt
covenants or cure any defaults; the Company's ability to repay our
obligations as they come due; and the risks and other important
factors discussed under the caption "Risk Factors" in the Company's
Annual Report on Form 10-K/A for the fiscal year ended January 1, 2023 and the Quarterly Report on Form
10-Q for the quarterly period ended October
1, 2023, and the Company's other filings with the SEC. These
forward-looking statements should not be relied upon as
representing the Company's views as of any subsequent date, and the
Company is under no obligation to, and expressly disclaims any
responsibility to, update or alter its forward-looking statements,
whether as a result of new information, future events, or
otherwise, except as required by applicable law.
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SOURCE SunPower Corp.