Maxeon Solar Technologies, Ltd. (NASDAQ: MAXN), a leader in solar innovation, has announced the pricing of an underwritten public offering of an aggregate of 7,490,000 ordinary shares, including 5,620,000 ordinary shares offered by Maxeon and 1,870,000 ordinary shares offered by an affiliate of TotalEnergies SE, each at a price of US$28.00 per share. The Offering was upsized from the previously announced offering size of an aggregate of 6,800,000 ordinary shares, which included 5,100,000 ordinary shares offered by the Company and 1,700,000 ordinary shares offered by TotalEnergies. TotalEnergies also granted the underwriters a 30-day option to purchase up to an additional 1,123,500 ordinary shares in the public offering on the same terms and conditions. Maxeon expects to receive gross proceeds from the Company Offering of approximately US$157.4 million, which is prior to underwriting discounts and commissions and estimated offering expenses. Maxeon will not receive any proceeds from the TotalEnergies Offering. The Offering is expected to close on May 19, 2023, subject to customary closing conditions.
Latham & Watkins LLP represented the underwriters in the offering with a capital markets team led by partners Greg Rodgers and Erika Weinberg, with associates Roger Yarett and Alexandra Kustra.