SunPower closes $10M share exchange for convertible note interest

SunPower Inc. (NASDAQ: SPWR) announced it closed a share exchange offer valued at $10 million, covering cash interest payments due to certain holders of its Convertible Notes on July 1, 2026, and January 1, 2027.

According to a press release, nearly all eligible investors accepted the equity exchange. CEO T.J. Rodgers noted that only one investor did not participate, citing that the individual was out of the country at the time.

"The equity exchange was accepted by all but one investor, who is currently out of the country," Rodgers said. "With our stock price being notably lower than its historical average, our current investors understand that they have accumulated shares at a very attractive price and therefore gained ownership in the company."

Rodgers also said the company entered the third quarter with a record backlog, and described the second quarter of 2026 as what he believes was a bottom quarter for both SunPower and the broader U.S. residential solar industry. He said the company has taken steps to reduce costs and increase financial flexibility.

You May Also Be Interested In

• T-Mobile (TMUS) Tops Q2 EPS by 27c; offers outlook
• Hamilton Lane adds Michael Schmertzler to its board of directors
• VisionWave meets Meteor Aerospace in Israel to advance acquisition plan