JWCA advises maxeon solar technologies on its $144 million equity offering

april 2021 | read press release

Transaction Background

Maxeon successfully priced an underwritten public offering of $144 million of its ordinary shares (inclusive of greenhoe) at a price of $18.00 per share

Concurrently, Maxeon agreed to sell an additional 1.87mm shares to Tianjin Zhonghuan Semiconductor (TZS) at the public offering price

Maxeon engaged J. Wood Capital Advisors to assist in the structuring, negotiation, documentation and execution of its transaction

• Syndicate structure and precedent data

• Review and comparison of bank proposals regarding the offering

• Presentations and analysis regarding the structure and sizing of the offering

• Analysis regarding the additional 1.87mm shares sold to TZS

• Advice around offering book build and pricing

JWCA provided advice, support and analysis throughout the negotiation and execution process

Results

Maxeon’s equity issuance was well-received by investors

• The transaction was oversubscribed, reflecting strong investor interest and demand in the Company’s offering

Maxeon intends to use net proceeds for general corporate purposes, which is expected to include funding its Performance line expansion, production and development of next-generation Maxeon 7, increasing manufacturing capacity for Maxeon 5 and 6 as well as research and development and other projects