SunPower Announces $50 Million Draw on Previously Announced Second Lien Term Loan to Further Business Operations as Company Executes Business Plan

Core Points - SunPower has drawn upon the $50 million second tranche of a $175 million second lien term loan from Sol Holding, demonstrating continued support from majority shareholders [1] - The company aims to build a more resilient business by reducing overall costs and increasing variable costs in relation to volume, targeting consistent positive free cash flow [1] - As part of the loan agreement, SunPower will issue warrants to Sol Holding for approximately 33.4 million shares at an exercise price of $0.01 per share [1] - SunPower is working to finalize its restated 2022 10-K, 2023 10-K, and Q1 2024 10-Q filings [1] Company Overview - SunPower is recognized as the highest-rated solar company in the U.S., providing customized renewable energy solutions since 1985 [2] - The company focuses on helping homeowners achieve energy independence through affordable products and flexible financing options [2] - SunPower's commitment to high product quality and reliability has earned the trust of homeowners [2]