Maxeon Solar Technologies (MAXN) has released an update.
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Maxeon Solar Technologies reported a challenging first quarter in 2024 with revenue of $187 million amid market difficulties, resulting in underutilized manufacturing and a need for capital to support operations. To address immediate liquidity needs, Maxeon secured $97.5 million in debt investment and a commitment for an additional $100 million equity investment from its largest shareholder, TCL Zhonghuan Renewable Energy Technology Co., along with bondholder agreement on debt restructuring. These actions, aimed at returning the company to profitability, will significantly dilute existing shareholder value and make TZE a controlling shareholder.
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