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SunPower Corp (NASDAQ:SPWR) shares are trading higher. The company on Monday announced a $50 million draw and its previously announced second lien term loan to further business operations.
What Happened: SunPower said it has drawn upon the $50 million second tranche of the $175 million second lien term loan from Sol Holding that it announced in February. Sol Holding is the majority owner of SunPower’s common stock.
“Today’s announcement demonstrates the continued support of our majority shareholders in the long-term value proposition of residential solar and SunPower’s commitment to operating a financially sound business,” said Tom Werner, principal executive officer of SunPower.
“In addition to this funding, in recent months, we have worked to reduce overall costs and increase the proportion of our costs that vary with changes in volume as we aim to build a more resilient business that can deliver consistent positive free cash flow in the future.”
In connection with the drawing of the second tranche, SunPower agreed to issue warrants to Sol Holding to purchase up to approximately 33.4 million shares at an exercise price of 1 cent per share.
SunPower also noted that it continues to work diligently to finalize its restated financial filings. The company received notification from the Nasdaq on May 20 that it was not in compliance with listing rules that require timely filing of all required financial reports. Analysts currently expect SunPower to report a first-quarter loss of 26 cents per share and revenue of $324.623 million, according to estimates from Benzinga Pro.
Check This Out: Beyond The Numbers: 25 Analysts Discuss First Solar Stock
SPWR Price Action: SunPower shares were up 5.06% at $3.50 at the time of writing, according to Benzinga Pro.
Photo: Leopictures from Pixabay.
Posted In: SPWR
