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Complete Solaria Inc (CSLR) drives innovation in integrated solar solutions through its technology platform and end-to-end service model. This news hub provides stakeholders with authoritative updates about the company’s strategic initiatives and market developments.
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Complete Solar (Nasdaq: CSLR) announced it will release its Q3 2024 financial and operational results after market close on November 13, 2024. The company will host a webcast conference call on the same day at 5:00 PM ET, led by T.J. Rodgers and the management team. Interested parties can access the webcast through registration or the company's investor relations website. A replay will be available on the Events page of Complete Solar's website.
Complete Solar Holdings, Inc. (Nasdaq: CSLR) has appointed Dan Myers as Executive Vice President of its New Homes Division. Myers, a solar industry veteran with a decade of experience, will report to CEO T.J. Rodgers and oversee the division supporting builders of new residential communities. His background includes leadership roles at major residential solar installers and consulting for Fortune 100 solar developers.
CEO Rodgers highlighted Myers' supply chain expertise as important for managing the geographically dispersed New Homes Division. Myers' immediate challenge involves addressing the aftermath of SunPower's bankruptcy, providing support for legacy projects while developing long-term solutions with new builder partners. This appointment aligns with Complete Solar's strategy of leveraging experienced leadership to navigate industry challenges and expand its residential solar offerings.
Complete Solar Holdings, Inc. (Nasdaq: CSLR) has received approval from the United States Bankruptcy Court for the District of Delaware to acquire SunPower 's Blue Raven, New Homes, and Dealer businesses for $45 million in cash. The sale is expected to close by September 30, 2024, bringing the SunPower brand and approximately 1,000 employees under Complete Solar's umbrella.
CEO T.J. Rodgers views this as a pivotal moment for SunPower, emphasizing the potential for growth in the US solar market. He thanked the court for recognizing Complete Solar's offer despite claims made by Maxeon, a Singapore-based company. Rodgers also acknowledged investors who contributed an additional $40 million, bringing the total funding to $80 million for the transition.
Complete Solar Holdings, Inc. (Nasdaq: CSLR) has been named the prevailing bidder for SunPower's assets in its Chapter 11 proceedings. Subject to final Bankruptcy Court approval on September 23, 2024, Complete Solar will acquire SunPower's assets and manage three of its business units. CEO T.J. Rodgers announced plans to hire 1,000 people from SunPower's current workforce, offering fresh stock options and a startup work ethic. Despite Rodgers' intention to reduce applications by emphasizing the workload, 1,925 employees applied within hours. Rodgers aims to transform recent shareholder complaints into respect or praise within a year with the newly formed team.
Complete Solar (Nasdaq: CSLR) has raised $40.5 million to cover the remaining closing costs of its $45 million bid to acquire certain SunPower (OTC: SPWRQ) business units. The funding was secured through a convertible debenture with a 7% coupon and a 25% conversion premium. The company has also created a $30 million Equity Line Of Credit (ELOC) to address potential bidding escalation in the auction. As the 'stalking horse' bidder in SunPower's Chapter 11 bankruptcy, Complete Solar has been granted access to SunPower managers and executives to create a future plan. The proposed new SunPower will be smaller, employing about half the current workforce. Notably, 1,925 SunPower and Blue Raven employees have already signed up for interviews with Complete Solar.
Complete Solar (Nasdaq: CSLR) has submitted a $45 million bid to become the stalking horse in SunPower's Chapter 11 bankruptcy Asset Purchase Agreement (APA). The bid includes assuming up to $7.2 million in liabilities for SunPower's New Homes business. Despite low Q2'24 revenue of $4.5 million due to working capital constraints, the company raised $46 million in July through a convertible debenture offering. This move eliminated private equity debt, resulting in a 32.1% stock increase. Q2'24 non-commission operating expenses reached a two-year low of $4.4 million. The company expects revenue to recover to $20 million in Q4'24 and aims to exceed 30% gross margin in Q3'24. Complete Solar has integrated 37 employees from Core Energy and plans to make all new SunPower employees shareholders based on merit.
Complete Solaria (Nasdaq: CSLR), a solar technology, services, and installation company, has announced it will release its financial and operational results for the second quarter of 2024 after market close on Wednesday, August 14, 2024. The company will host a webcast conference call at 5:00 PM ET on the same day, led by T.J. Rodgers and the Complete Solaria management team.
Interested parties can access the webcast by registering online or visiting the Events and Presentations page on Complete Solaria's Investor Relations website. Participants are advised to log in at least 10 minutes before the event starts. An archive of the webcast and the earnings press release will be available on the company's website for a time.
Complete Solaria (Nasdaq: CSLR) has secured a 'Stalking Horse' position in SunPower's Chapter 11 bankruptcy proceedings. This position grants Complete Solaria advantages in the legal process, including setting the initial bid and negotiating the Asset Purchase Agreement (APA). The proposed plan involves creating a new company by combining top employees from Blue Raven, Complete Solaria, and Core Energies, along with SunPower's organization.
The restructuring aims to form a cost-competitive solar powerhouse, reducing the current headcount from 2,587 to 1,273 while retaining key expertise. CEO T.J. Rodgers expressed enthusiasm for the company's future, highlighting the unique combination of technological components and challenging economics in the solar industry.
SunPower Corp. (NASDAQ:SPWR) has entered into an asset purchase agreement with Complete Solaria, Inc. (NASDAQ:CSLR) to sell its Blue Raven Solar business, New Homes business, and non-installing Dealer network for $45 million in cash. Concurrently, SunPower filed for Chapter 11 bankruptcy protection to facilitate the sale and explore options for its remaining assets. The company expects to complete the transaction by mid to late September, subject to court approval.
SunPower plans to continue operations during the bankruptcy process and has requested court approval to access prepetition cash collateral. The company aims to liquidate remaining assets and undergo an orderly winddown of operations following the sale process.
Complete Solar (Nasdaq: CSLR), a solar technology and installation company, has secured a $10 million investment from StarCharge, a leading Asian digital energy company. This investment is part of a previously announced convertible debenture. StarCharge's CEO, Herman Chang, expressed enthusiasm for future collaborations with T.J. Rodgers-led companies. Edward Zeng, founder of the NextG Fund, which co-invested in Complete Solaria via the Freedom SPAC, praised the company's successful restructuring. T.J. Rodgers, Complete Solar's CEO, stated that this funding would provide the necessary resources for the company to achieve profitability.
