Complete Solaria Completes Asset Sale, Realigning Portfolio and Accelerating Path to Profitability
18 Octubre 2023 - 3:05PM
Complete Solaria, Inc. (“Complete Solaria'' or the “Company”)
(Nasdaq: CSLR), a leading solar technology, services, and
installation company, announces completion of its previously
disclosed asset sale, including Solaria’s dealer channel operations
and contracts, as well as Complete Solaria’s solar panel patent
portfolio relating primarily to shingled cell solar panel
technology, to Maxeon Solar Technologies, Ltd. (Nasdaq: MAXN), for
1.1 million shares. The agreement also included a provision for the
supply of Maxeon’s premium, advanced-performance, high-efficiency
solar panels to Complete Solaria.
“With the successful completion of the asset
sale, we continue to execute on our strategic shift away from
manufacturing, enabling increased focus on our highest margin, most
popular ‘total-service model’ in which we design, install, and
warranty full solar systems,” said Will Anderson, CEO of Complete
Solaria. “However, we will maintain access to our market-leading
premium panels that support our end-to-end customer offering. Our
Pro Partner installers will also benefit through access to a
broader range of products. This is a great deal for the Company, as
it enhances shareholder value by providing valuable cash to the
business, lowers operating costs, and helps us achieve
profitability sooner.”
About Complete SolariaComplete
Solaria, headquartered in California, is a solar company with
unique technology and an end-to-end customer offering, which
includes financing, project fulfilment and customer service.
Complete Solaria’s digital platform together with premium solar
products enable one-stop service for clean energy needs for
customers wishing to make the transition to a more energy-efficient
lifestyle. To learn more, visit:
https://www.completesolaria.com
Forward Looking
Statements This press release may contain certain
forward-looking statements within the meaning of the federal
securities laws with respect to the referenced transactions. These
forward-looking statements generally are identified by the words
“anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,”
“intend,” “may,” “might,” “plan,” “possible,” “potential,”
“predict,” “project,” “should,” “would,” and similar expressions,
but the absence of these words does not mean that a statement is
not a forward-looking statement. Forward-looking statements are
forecasts, predictions, projections and other statements about
future events that are based on current expectations, hopes,
beliefs, intentions, strategies and assumptions and, as a result,
are subject to risks and uncertainties. Many factors could cause
actual future events to differ materially from the forward-looking
statements in this press release, including but not limited to: (i)
risks that the sale of certain assets and other business items will
not be completed on the terms set forth in the Asset Purchase
Agreement or the ancillary agreements referenced in the Asset
Purchase Agreement, if at all; (ii) the sale of assets disrupts
current plans and operations of the companies or diverts
managements’ attention from Complete Solaria’s business operations;
(iii) the outcome of any legal proceedings that may be instituted
in connection with the assets sale; (iv) the price of Complete
Solaria’s securities may be volatile due to a variety of factors,
including changes in the applicable competitive or regulatory
landscapes, variations in operating performance across competitors,
changes in laws and regulations affecting Complete Solaria’s
business, and changes in the combined capital structure; (v) the
ability to implement business plans, forecasts, and other
expectations after the completion of the business combination, and
identify and realize additional opportunities; (vi) the evolution
of the markets in which Complete Solaria will compete.
The foregoing list of factors is not exhaustive.
Readers should carefully consider the foregoing factors and the
other risks and uncertainties described in the “Risk Factors”
section of the registration statement on Form S-4 filed, which was
declared effective by the Securities and Exchange Commission (the
“SEC”) on June 30, 2023. Such filings identify and address other
important risks and uncertainties that could cause actual events
and results to differ materially from those contained in the
forward-looking statements. Forward-looking statements speak only
as of the date they are made. Readers are cautioned not to put
undue reliance on forward-looking statements, and Complete Solaria
assumes no obligation and does not intend to update or revise these
forward-looking statements, whether as a result of new information,
future events, or otherwise.
Complete SolariaSioban Hickie,
ICR, Inc. CompleteSolariaIR@icrinc.com
Source: Complete Solaria, Inc.
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