<SEC-DOCUMENT>0001193125-23-146629.txt : 20230517
<SEC-HEADER>0001193125-23-146629.hdr.sgml : 20230517
<ACCEPTANCE-DATETIME>20230517091626
ACCESSION NUMBER:		0001193125-23-146629
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20230517
FILED AS OF DATE:		20230517
DATE AS OF CHANGE:		20230517

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Maxeon Solar Technologies, Ltd.
		CENTRAL INDEX KEY:			0001796898
		STANDARD INDUSTRIAL CLASSIFICATION:	SEMICONDUCTORS & RELATED DEVICES [3674]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			U0
		FISCAL YEAR END:			1230

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-39368
		FILM NUMBER:		23929799

	BUSINESS ADDRESS:	
		STREET 1:		8 MARINA BOULEVARD #05-02
		STREET 2:		MARINA BAY FINANCIAL CENTRE
		CITY:			MARINA BAY
		STATE:			U0
		ZIP:			018981
		BUSINESS PHONE:		408.457.2302

	MAIL ADDRESS:	
		STREET 1:		8 MARINA BOULEVARD #05-02
		STREET 2:		MARINA BAY FINANCIAL CENTRE
		CITY:			MARINA BAY
		STATE:			U0
		ZIP:			018981

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Maxeon Solar Technologies, Pte. Ltd.
		DATE OF NAME CHANGE:	20191213
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<TYPE>6-K
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<FILENAME>d312414d6k.htm
<DESCRIPTION>6-K
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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P>
<P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>UNITED STATES </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>SECURITIES AND EXCHANGE COMMISSION </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Washington, D.C. 20549 </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>FORM <FONT
STYLE="white-space:nowrap">6-K</FONT> </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Report of
Foreign Private Issuer </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Pursuant to Rule <FONT STYLE="white-space:nowrap">13a-16</FONT> or
<FONT STYLE="white-space:nowrap">15d-16</FONT> </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>of the Securities Exchange Act of 1934 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Date of Report: May 2023 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Commission File Number: <FONT STYLE="white-space:nowrap">001-39368</FONT> </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:24pt; font-family:Times New Roman" ALIGN="center"><B>MAXEON SOLAR TECHNOLOGIES, LTD. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(Exact Name of registrant as specified in its charter) </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>8 Marina
Boulevard <FONT STYLE="white-space:nowrap">#05-02</FONT> </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Marina Bay Financial Centre </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>018981, Singapore </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Address of principal executive office) </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Indicate by check mark whether
the registrant files or will file annual reports under cover of Form <FONT STYLE="white-space:nowrap">20-F</FONT> or Form <FONT STYLE="white-space:nowrap">40-F:</FONT> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Form 20-F&nbsp;&nbsp;&#9746;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Form
<FONT STYLE="white-space:nowrap">40-F&nbsp;&nbsp;&#9744;</FONT> </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>EXHIBIT INDEX </U></B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Exhibit</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman"><B>Title</B></P></TD></TR>


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<TD VALIGN="top" NOWRAP>99.1</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="d312414dex991.htm">Press Release dated May&nbsp;17, 2023 </A></TD></TR>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>SIGNATURES </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned,
thereunto duly authorized. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
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<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>MAXEON SOLAR TECHNOLOGIES, LTD.</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">(Registrant)</P></TD></TR>
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<TD VALIGN="top">May&nbsp;17, 2023</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Kai Strohbecke</P></TD></TR>
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<TD VALIGN="bottom">&nbsp;</TD>
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<TD VALIGN="top"></TD>
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<TD VALIGN="top">Kai Strohbecke</TD></TR>
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<TD VALIGN="bottom">&nbsp;</TD>
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<TD VALIGN="top">Chief Financial Officer</TD></TR>
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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 99.1 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Maxeon Solar Technologies Announces Pricing and Upsize of Public Offering of Ordinary Shares </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">SINGAPORE, May 17, 2023 /PRNewswire/ &#151; Maxeon Solar Technologies, Ltd. (&#147;Maxeon&#148;) (NASDAQ: MAXN) today announced the pricing of an underwritten
public offering of an aggregate of 7,490,000&nbsp;ordinary shares, including 5,620,000 ordinary shares offered by Maxeon (the &#147;Company Offering&#148;) and 1,870,000&nbsp;ordinary shares offered by an affiliate of TotalEnergies SE
(&#147;TotalEnergies&#148;) (the &#147;TotalEnergies Offering&#148; and, together with the Company Offering, the &#147;Offering&#148;), each at a price of $28.00&nbsp;per share. The Offering was upsized from the previously announced offering size of
an aggregate of 6,800,000 ordinary shares, which included 5,100,000 ordinary shares offered by the Company and 1,700,000 ordinary shares offered by TotalEnergies. TotalEnergies also granted the underwriters a
<FONT STYLE="white-space:nowrap">30-day</FONT> option to purchase up to an additional 1,123,500&nbsp;ordinary shares in the public offering on the same terms and conditions. Maxeon expects to receive gross proceeds from the Company Offering of
approximately $157.4&nbsp;million, which is prior to underwriting discounts and commissions and estimated offering expenses. Maxeon will not receive any proceeds from the TotalEnergies Offering. The Offering is expected to close on May 19, 2023,
subject to customary closing conditions. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In addition, pursuant to a share purchase agreement, dated May&nbsp;16, 2023, with an affiliate of TCL Zhonghuan
Renewable Energy Technology Co., Ltd. (&#147;TZE SG&#148;) that currently holds approximately 23.7% of Maxeon&#146;s outstanding ordinary shares, Maxeon has agreed to sell to TZE SG, in a private placement exempt from the registration requirements
of the Securities Act of 1933, and at a sale price equal to the price to the public in the Offering, 1,500,000&nbsp;ordinary shares of Maxeon (the &#147;TZE Private Placement&#148;), for a total investment of $42.0 million. It is anticipated that,
as a result of the TZE Private Placement, the Offering will not materially dilute TZE SG&#146;s current level of equity ownership or alter its governance rights in Maxeon. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Maxeon intends to use the net proceeds that it will receive from the Company Offering and the TZE Private Placement for capital expenditures for the addition
of incremental capacity for the manufacture of Maxeon 7 products, as well as general corporate purposes. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">BofA Securities and Morgan Stanley are serving
as joint book-running managers and as representatives of the underwriters for the Offering. The Offering is being made pursuant to an effective registration statement on Form <FONT STYLE="white-space:nowrap">F-3</FONT> (File No.&nbsp;333-271971)
filed with the Securities and Exchange Commission (the &#147;SEC&#148;). The offering will be made only by means of the prospectus contained in the registration statement and the related prospectus supplement. You may access these documents for free
by visiting the SEC&#146;s website at&nbsp;www.sec.gov. Alternatively, any underwriter or any dealer participating in the offering will arrange to send you the prospectus and the related prospectus supplement if you request it from BofA Securities, <FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">NC1-022-02-25,</FONT></FONT></FONT> 201 North Tryon,&nbsp;Charlotte, NC&nbsp;28255, Attention: Prospectus Department, calling
<FONT STYLE="white-space:nowrap">800/294-1322</FONT> or emailing&nbsp;dg.prospectus_requests@bofa.com or by contacting Morgan Stanley&nbsp;&amp; Co. LLC, Attention: Prospectus Department, 180 Varick Street, Second Floor, New York, New York 10014.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">This press release does not constitute an offer to sell or the solicitation of an offer to buy Maxeon&#146;s ordinary shares nor shall there be any sale
of such shares in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>About Maxeon Solar Technologies </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Maxeon Solar Technologies, Ltd. (NASDAQ: MAXN) is Powering Positive Change<SUP STYLE="font-size:75%; vertical-align:top">TM</SUP>. Headquartered in Singapore,
Maxeon designs and manufactures Maxeon<SUP STYLE="font-size:75%; vertical-align:top">&reg;</SUP> and SunPower<SUP STYLE="font-size:75%; vertical-align:top">&reg;</SUP> brand solar panels, and has sales operations in more than 100 countries,
operating under the SunPower brand in certain countries outside the United States. Maxeon is a leader in solar innovation with access to over 1,000 patents and two
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">best-in-class</FONT></FONT> solar panel product lines. Maxeon products span the global rooftop and solar power plant markets through a network of more than 1,700 trusted partners and
distributors. A pioneer in sustainable solar manufacturing, Maxeon leverages a <FONT STYLE="white-space:nowrap">+35-year</FONT> history in the solar industry and numerous awards for its technology. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Forward Looking Statements </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">This press release includes
forward-looking statements, including statements regarding the anticipated terms of the ordinary shares being offered, the completion and timing of the Offering and the TZE Private Placement and the intended use and allocation of the proceeds. These
forward-looking statements are based on Maxeon&#146;s current assumptions, expectations and beliefs and involve substantial risks and uncertainties that may cause results, performance or achievement to materially differ from those expressed or
implied by these forward-looking statements. These statements are not guarantees of future performance and are subject to a number of risks. The reader should not place undue reliance on these forward-looking statements, as there can be no
assurances that the plans, initiatives or expectations upon which they are based will occur. Factors that could cause or contribute to such differences include, but are not limited to: (1)&nbsp;challenges in executing transactions key to
Maxeon&#146;s strategic plans, including regulatory and other challenges that may arise; (2)&nbsp;Maxeon&#146;s liquidity, substantial indebtedness, terms and conditions upon which Maxeon&#146;s indebtedness is incurred, and ability to obtain
additional financing for Maxeon&#146;s projects, customers and operations; (3)&nbsp;Maxeon&#146;s ability to manage supply chain shortages and cost increases and operating expenses; (4)&nbsp;potential disruptions to Maxeon&#146;s operations and
supply chain that may result from damage or destruction of facilities operated by its suppliers, difficulties in hiring or retaining key personnel, epidemics, natural disasters, and impacts of the war in Ukraine; (5)&nbsp;Maxeon&#146;s ability to
manage its key customers and suppliers; (6)&nbsp;the success of Maxeon&#146;s ongoing research and development efforts and Maxeon&#146;s ability to commercialize new products and services, including products and services developed through strategic
partnerships; (7)&nbsp;competition in the solar and general energy industry and downward pressure on selling prices and wholesale energy pricing, including impacts of inflation, economic recession and foreign exchange rates upon customer demand;
(8)&nbsp;changes in regulation and public policy, including the imposition and applicability of tariffs; (9)&nbsp;Maxeon&#146;s ability to comply with various tax holiday requirements as well as regulatory changes or findings affecting the
availability of economic incentives promoting use of solar energy and availability of tax incentives or imposition of tax duties; (10)&nbsp;fluctuations in Maxeon&#146;s operating results and in the foreign currencies in which we operate;
(11)&nbsp;appropriately sizing, or delays in expanding, Maxeon&#146;s manufacturing capacity and containing manufacturing and logistics difficulties that could arise; (12)&nbsp;unanticipated impact to customer demand and sales schedules due, among
other factors, to the war in Ukraine, economic recession and environmental disasters; (13)&nbsp;challenges managing Maxeon&#146;s acquisitions, joint ventures and partnerships, including </P>
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Maxeon&#146;s ability to successfully manage acquired assets and supplier relationships; (14)&nbsp;reaction by securities or industry analysts to Maxeon&#146;s annual and/or quarterly guidance
which, in combination with Maxeon&#146;s results of operations or other factors, may cause them to cease publishing research or reports about us, or adversely change their recommendations regarding Maxeon&#146;s ordinary shares, which may negatively
impact the market price of Maxeon&#146;s ordinary shares and volume of Maxeon&#146;s stock trading; (15)&nbsp;unpredictable outcomes resulting from Maxeon&#146;s litigation activities or other disputes; (16)&nbsp;the potential volatility in the
price of Maxeon&#146;s ordinary shares; and (17)&nbsp;uncertainties regarding future sales or dispositions of Maxeon&#146;s ordinary shares. A detailed discussion of these factors and other risks that affect Maxeon&#146;s business is included in
filings Maxeon makes with the SEC from time to time, including Maxeon&#146;s most recent report on Form <FONT STYLE="white-space:nowrap">20-F,</FONT> particularly under the heading &#147;Risk Factors.&#148; Maxeon may not consummate the proposed
Company Offering or the TZE Private Placement described in this press release and TotalEnergies may not consummate the proposed TotalEnergies Offering described in this press release. If the Company Offering, TotalEnergies Offering and TZE Private
Placement are consummated, neither Maxeon nor TotalEnergies can provide any assurances regarding the final terms of the Offering or the TZE Private Placement or Maxeon&#146;s ability to effectively apply the net proceeds it will receive as described
above. All forward-looking statements in this press release are based on information currently available to Maxeon, and Maxeon assumes no obligation to update these forward-looking statements in light of new information or future events, except as
may be required by law. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Investor Contact: </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Robert
Lahey </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Robert.Lahey@maxeon.com </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Mobile: +1 (202) <FONT
STYLE="white-space:nowrap">246-1872</FONT> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Media Contact: </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Anna Porta </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Anna.Porta@Maxeon.com </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Mobile: +39 (345) 7706205 </P>
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