Court Approves Complete Solar Purchase of SunPower Assets
Rhea-AI Summary
Complete Solar Holdings, Inc. (Nasdaq: CSLR) has received approval from the United States Bankruptcy Court for the District of Delaware to acquire SunPower 's Blue Raven, New Homes, and Dealer businesses for $45 million in cash. The sale is expected to close by September 30, 2024, bringing the SunPower brand and approximately 1,000 employees under Complete Solar's umbrella.
CEO T.J. Rodgers views this as a pivotal moment for SunPower, emphasizing the potential for growth in the US solar market. He thanked the court for recognizing Complete Solar's offer despite claims made by Maxeon, a Singapore-based company. Rodgers also acknowledged investors who contributed an additional $40 million, bringing the total funding to $80 million for the transition.
Positive
- Acquisition of SunPower's key business assets for $45 million
- Addition of approximately 1,000 employees to Complete Solar's workforce
- Successful fundraising of $80 million to support the transition
- Expansion of Complete Solar's market presence and brand recognition
Negative
- Potential challenges in integrating SunPower's businesses
- Ongoing market difficulties in the US solar industry
- Competition from international players like Maxeon
News Market Reaction – CSLR
On the day this news was published, CSLR gained 6.03%, reflecting a notable positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
LEHI, Utah, Sept. 24, 2024 (GLOBE NEWSWIRE) -- Complete Solar Holdings, Inc. d/b/a Complete Solar (“Complete Solar” or the “Company”) (Nasdaq: CSLR), a solar technology, services, and installation company, today announced that the United States Bankruptcy Court for the District of Delaware has approved the going concern sale of substantially all assets of the Blue Raven, New Homes and Dealer businesses of SunPower Corporation and certain of its affiliates to Complete Solar for
T.J. Rodgers, Complete Solar’s CEO, commented “This is a pivotal moment in the history of SunPower, one of the most storied US solar companies. The dark cloud currently hanging over the US solar industry will not bring SunPower’s demise. And when that cloud recedes – as it must, since only
Rodgers continued, “I would like to thank the US Bankruptcy Court for recognizing Complete Solar’s good faith offer to acquire the SunPower businesses, despite the ludicrous financial claims made in court by Maxeon, a Singapore company whose stock has been driven down to
Rodgers concluded, “Finally I would like to thank our investors, who recently added another
About Complete Solar
Complete Solar is a leading solar services provider in North America. Complete Solar’s digital platform, exceptional customer and installation services, support energy needs for customers wishing to make the transition to a more energy-efficient lifestyle. For more information visit https://www.completesolar.com.
Forward Looking Statements
This press release may contain certain forward-looking statements within the meaning of the federal securities laws with respect to the referenced transactions. These forward-looking statements generally are identified by the words “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “might,” “plan,” “possible,” “potential,” “predict,” “project,” “should,” “would,” and similar expressions, but the absence of these words does not mean that a statement is not a forward-looking statement. Forward-looking statements are forecasts, predictions, projections and other statements about future events that are based on current expectations, hopes, beliefs, intentions, strategies and assumptions and, as a result, are subject to risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this press release the price of Complete Solar’s securities may be volatile due to a variety of factors, including changes in the applicable competitive or regulatory landscapes, variations in operating performance across competitors, changes in laws and regulations affecting Complete Solar’s business, and changes in the combined capital structure; the ability to implement business plans, forecasts, and the evolution of the markets in which Complete Solar will compete.
Readers should carefully consider the foregoing factors and the other risks and uncertainties described in the “Risk Factors” section of Form 10-K filed with the Securities and Exchange Commission (the “SEC”) on April 1, 2024. Such filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and Complete Solar assumes no obligation and does not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise.
For investor inquiries, please contact:
Complete Solar, Inc.
Genevieve Swords
Phone: +1 (801) 477-5847
InvestorRelations@CompleteSolar.com
Source: Complete Solar, Inc.
FAQ
What assets is Complete Solar (CSLR) acquiring from SunPower?
When is the acquisition of SunPower's assets by Complete Solar (CSLR) expected to close?
How much funding has Complete Solar (CSLR) raised for the SunPower acquisition?
How many employees will Complete Solar (CSLR) gain from the SunPower acquisition?
