SunPower details Doerr's over 41.5M-share stake
SunPower Inc. (SPWR) reports that L. John Doerr, as a ten percent owner, has filed an initial ownership statement showing large indirect positions held through affiliated entities.
Rhea-AI Filing Summary
SunPower Inc. (SPWR) reports that L. John Doerr, as a ten percent owner, has filed an initial ownership statement showing large indirect positions held through affiliated entities. Foris Ventures, LLC holds a $5,000,000 10.00% Convertible Senior Secured Note due 2029 convertible into 3,051,572 SunPower common shares at an effective price of about $1.64 per share, a warrant for 121,176 shares at $11.50, and 40,023,511 common shares. The Vallejo Ventures Trust holds an additional 1,528,421 common shares indirectly attributed to Doerr, who disclaims beneficial ownership except to the extent of any pecuniary interest.
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Insights
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Insider Trade Summary
4 transactions reported
Mixed
4 txns
Insider
DOERR L JOHN
Role
10% Owner
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| holding | 10.00% Convertible Senior Secured Note due 2029 F3, F1 | -- | -- | -- |
| holding | Warrant (Right to Buy) F1 | -- | -- | -- |
| holding | Common Stock F1 | -- | -- | -- |
| holding | Common Stock F2 | -- | -- | -- |
Holdings After Transaction:
10.00% Convertible Senior Secured Note due 2029 — 3,051,572 contracts (Indirect, By Foris Ventures, LLC);
Warrant (Right to Buy) — 121,176 contracts (Indirect, By Foris Ventures, LLC);
Common Stock — 40,023,511 shares (Indirect, By Foris Ventures, LLC);
Common Stock — 1,528,421 shares (Indirect, By The Vallejo Ventures Trust U/T/A 2/12/96)
Footnotes (3)
- F1. The Vallejo Ventures Trust U/T/A 2/12/96 ("VVT") is the member of Foris Ventures, LLC ("Foris"). L. John Doerr is a trustee of VVT. By virtue of these relationships, L. John Doerr may be deemed to have the power to vote and dispose of shares held by Foris. L. John Doerr disclaims beneficial ownership of the shares held by Foris except to the extent of his pecuniary interest therein, if any. This report shall not be deemed an admission that any Reporting Person is a beneficial owner of such securities for the purpose of Section 16 of the Exchange Act, or for any other purpose.
- F2. L. John Doerr is a trustee of VVT. By virtue of this relationship, L. John Doerr may be deemed to have the power to vote and dispose of shares held by VVT. L. John Doerr disclaims beneficial ownership of the shares held by VVT except to the extent of his pecuniary interest therein, if any. This report shall not be deemed an admission that any Reporting Person is a beneficial owner of such securities for the purpose of Section 16 of the Exchange Act, or for any other purpose.
- F3. The 10.00% Convertible Senior Secured Note due 2029 held by Foris (the "Convertible Note") is convertible into shares of the Company's Common Stock at a conversion rate of 610.3143 shares per $1,000 in principal (which conversion rate is subject to adjustment in certain circumstances), representing an effective conversion price of approximately $1.64 per share. The principal amount of the Convertible Note is $5,000,000. The Convertible Note matures on May 1, 2029, unless earlier converted or repurchased. The Reporting Person may convert all or any portion of the Convertible Note prior to the close of business on the business day immediately preceding the maturity date.
Key Figures
Convertible note principal: $5,000,000
Convertible note underlying shares: 3,051,572 shares
Convertible note effective conversion price: $1.64 per share (approximately)
+5 more
8 metrics
Convertible note principal
$5,000,000
10.00% Convertible Senior Secured Note due 2029 held indirectly via Foris Ventures
Convertible note underlying shares
3,051,572 shares
SunPower common stock issuable upon conversion of the $5,000,000 note
Convertible note effective conversion price
$1.64 per share (approximately)
Based on 610.3143 shares per $1,000 principal, as disclosed in the footnote
Conversion rate
610.3143 shares per $1,000 principal
Conversion rate for the 10.00% Convertible Senior Secured Note due 2029
Indirect common shares via Foris Ventures
40,023,511 shares
SunPower common stock held indirectly through Foris Ventures, LLC
Indirect common shares via Vallejo Ventures Trust
1,528,421 shares
SunPower common stock held indirectly through The Vallejo Ventures Trust U/T/A 2/12/96
Warrant underlying shares
121,176 shares
SunPower common stock underlying warrant held indirectly through Foris Ventures, LLC
Warrant exercise price
$11.50 per share
Exercise price of warrant expiring July 18, 2028
Key Terms
Convertible Senior Secured Note, conversion rate, effective conversion price, warrant, +2 more
6 terms
Convertible Senior Secured Note financial
"The 10.00% Convertible Senior Secured Note due 2029 held by Foris"
conversion rate financial
"convertible into shares of the Company's Common Stock at a conversion rate"
Conversion rate is the proportion of items, people or contracts that take a desired action out of the total possible — for example the share of website visitors who make a purchase, or the number of convertible bonds that are exchanged for shares. Investors care because it measures how effectively a business or financial instrument turns opportunity into real outcomes, like sales or share issuance, which directly affects revenue, cash flow and ownership dilution.
effective conversion price financial
"representing an effective conversion price of approximately $1.64 per share"
The effective conversion price is the actual price per share an investor ends up paying when a convertible security (like a convertible bond or preferred) is converted into common stock. It’s calculated by dividing the amount invested plus any accrued interest, fees or adjustments by the number of shares received, and can reflect anti-dilution clauses or conversion discounts; investors use it to compare the converted stake’s real cost to the market price, like checking the true per-item price after using a coupon.
warrant financial
"Warrant (Right to Buy) ... underlying Security Title Common Stock"
A warrant is a time-limited financial contract that gives its holder the right to buy a company's shares at a set price before a specified date, like a coupon that lets you purchase stock at a fixed discount for a limited time. It matters to investors because warrants offer leveraged exposure to a stock’s upside and can dilute existing shareholders if exercised, so they affect potential gains and the company’s outstanding share count.
beneficial ownership financial
"disclaims beneficial ownership of the shares held by Foris except"
Beneficial ownership means the person or entity that actually enjoys the benefits of owning shares or other assets — such as receiving dividends, voting rights, or price gains — even if the legal title is held in another name. For investors it matters because knowing who truly controls and profits from a company reveals who can influence decisions, exposes potential conflicts of interest or hidden concentration of power, and affects transparency and risk in the stock.
pecuniary interest financial
"except to the extent of his pecuniary interest therein, if any"
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
What insider position did L. John Doerr report in SunPower Inc. (SPWR) on this Form 3?
L. John Doerr reported indirect holdings in SunPower (SPWR) through Foris Ventures, LLC and The Vallejo Ventures Trust, including a $5,000,000 convertible note, a warrant for 121,176 shares, and over 41.5 million common shares, all reported as indirect ownership.
What are the terms of the $5,000,000 convertible note reported for SunPower (SPWR)?
The $5,000,000 10.00% Convertible Senior Secured Note due 2029 is convertible into SunPower common stock at 610.3143 shares per $1,000 principal, an effective conversion price of about $1.64 per share, and matures on May 1, 2029 unless earlier converted or repurchased.
What warrants linked to SunPower (SPWR) did the Form 3 report?
The filing reports a warrant held indirectly through Foris Ventures, LLC for 121,176 underlying SunPower common shares, with an exercise price of $11.50 per share and an expiration date of July 18, 2028.
Does L. John Doerr claim full beneficial ownership of the SunPower (SPWR) securities reported?
No. L. John Doerr disclaims beneficial ownership of shares held by Foris Ventures, LLC and The Vallejo Ventures Trust except to the extent of his pecuniary interest, if any. The report states it is not an admission of beneficial ownership for Section 16 or any other purpose.
AI-generated analysis. How Rhea-AI works. Not financial advice.
