SPWR · SunPower Inc.

SunPower Inc. held a Special Meeting of Stockholders on March 25, 2026, where investors approved a comprehensive slate of six proposals critical to the company's capital structure and acquisition strategy. The approval of the Second Amendment to the 2023 Equity Incentive Plan increases the total share reserve to 44,573,109 shares, representing a significant expansion of the equity compensation pool. This amendment, initially approved by the Board on February 10, 2026, also includes an automatic annual increase provision of 4% of outstanding shares through 2033, ensuring a steady supply of equity for employee incentives.

Shareholders authorized the issuance of substantial equity consideration for recent acquisitions, including the Complete Solar and Sunder Energy transaction (Proposal 1) and the Ambia Holdings acquisition (Proposal 3). These approvals facilitate the integration of these businesses while complying with Nasdaq Listing Rule 5635(a). Additionally, investors greenlit financing measures, including the conversion of an additional $22.225 million in 7.00% Convertible Senior Notes due 2029 (Proposal 2) and an expansion of the White Lion Purchase Agreement commitment from $30.0 million to $55.0 million (Proposal 4).

Notably, Proposal 5 authorizes a Standby Equity Purchase Agreement with YA II PN, Ltd. (Yorkville) that could result in share issuances exceeding 20% of the company's outstanding common stock. While Proposal 6, the specific plan amendment, passed with the lowest margin of support (approximately 88% in favor compared to >96% for other proposals), all measures received decisive stockholder approval. The voting results indicate strong investor confidence in management's strategic direction regarding M&A execution and capital raising initiatives.