SPWR · SunPower Inc.

SunPower Inc. completed a $41 million private offering of 10.00% Convertible Senior Secured Notes due 2029, with proceeds used partly to exchange $21.25 million of existing 7.0% Convertible Senior Notes for 18.8 million shares of common stock and cash. The new notes are secured by substantially all assets, providing enhanced creditor protection. The offering included $6 million from CEO-affiliated entities and $10 million exchanged from a prior seller note. Additionally, a $7 million amended and restated promissory note was issued to Chicken Parm Pizza LLC, bearing interest at 7% (increasing to 10% after May 15, 2026) and maturing by January 31, 2027. These transactions significantly restructure the company's debt profile, reducing near-term cash interest obligations while increasing potential equity dilution. The secured nature of the new notes may impact future financing flexibility.