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Maxeon Solar Tech (MAXN) Stock Falls After Announcing Public Offering

Thursday, April 15, 2021 01:51 PM | Michael Hayne

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Maxeon Solar Tech (MAXN) Stock Falls After Announcing Public Offering

Maxeon Solar Tech (MAXN) stock took a hit on Thursday after announcing it will be making a public offering of ordinary shares. Shares of the company were trading lower -13.29% to $19.84 a share on Thursday.

What's Happening With Maxeon Solar Tech?

Maxeon Solar, a solar panel manufacturer, saw its stock dip after disclosing it intends to sell $125,000,000 of ordinary shares through an underwritten public offering. Additionally, buyers will be given a 30 day exercisable option to buy an additional $18,750,000 of ordinary shares offered in the public offering on the same terms and conditions. The company also agrees to sell 1.9 million ordinary shares to Tianjin Zhonghuan Semiconductor (TZS) in a Private Placement.

What Does This Mean For Maxeon Solar Tech?

The sale will allow Maxeon to use some of the net proceeds from the offering and the TZS Private Placement to speed up production and development of next-generation Maxeon 7, increase manufacturing capacity for Maxeon 5 and 6, research and development, and other projects.

Maxeon designs, manufactures, and sells SunPower brand solar panels in more than 100 countries, operating the SunPower brand worldwide except the United States and Canada. The company provides interdigitated back contact and shingled solar cells and panels under the SunPower brand. It offers its products to dealers, project developers, system integrators, distributors, resellers, and residential and small-scale commercial customers. The company is headquartered in Singapore.

Overall Score - 31

MAXN has an Overall Score of 31. Find out what this means to you and get the rest of the rankings on MAXN!

Maxeon Solar Technologies Ltd is engaged in the design, manufacture, and distribution of solar products. The product portfolio include SunPower Maxeon Panels and SunPower Performance Panels.

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