Maxeon Raises $125M Via Secondary Equity Offering At 6.8% Discount

Solar innovator Maxeon Solar Technologies Ltd MAXN priced a $125 million secondary public offering at $18 per share to raise $117.1 million.
The offer price signifies a 6.8% discount to the Thursday closing price of $19.31.
The underwriters have a 30-day option to purchase additional shares up to $18.7 million.
Maxeon also agreed to sell 1.87 million shares at $18 per share to a Tianjin Zhonghuan Semiconductor affiliate in a secondary private placement under an agreement dated Apr. 13, 2021.
The joint offering proceeds will be utilized for general corporate purposes, including the funding of its previously announced Performance line expansion, production ramp-up, development of Maxeon 7, increasing manufacturing capacity for Maxeon 5 and 6, research, development, and other projects.
Morgan Stanley and BofA Securities were the joint book-running managers for the offering.
Maxeon held $206.7 million in cash and equivalents as of Jan. 3, 2021.
Price action: MAXN shares traded higher by 2.02% at $19.70 in the premarket session on the last check Friday.

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