SunPower entered into privately negotiated exchange agreements with certain holders of its 2029 convertible notes to conserve cash. The company exchanged approximately $10.7 million of upcoming cash interest due on July 1, 2026, October 1, 2026, and January 1, 2027 for 19,300,991 shares of common stock. The transactions closed and the shares were issued on July 1, 2026, eliminating those near-term cash interest payments. The agreements include customary registration rights and covenants.
Agreement details:
- Agreement type: Equity-for-interest exchange agreements
- Counterparty: Certain holders of 2029 convertible notes
- Signed / Effective: Jun 29 2026 / Jul 01 2026
- Duration / Termination: One-time transaction
- Reason: Preserve cash and reduce near-term interest outflows
Original SEC Filing:
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