SunPower Announces Bankruptcy and Plans to Sell $45 Million in Assets
Tuesday, 6 August 2024, 03:01
SunPower's Financial Decline
Shares of SunPower Corporation, located in San Jose, California, have experienced a dramatic drop of 29%, trading at 57 cents in premarket sessions on Tuesday. This decline follows the company's recent bankruptcy filing.
Stalking Horse Bid Explained
A stalking horse bid is a strategy where a minimum acceptable offer is established, which other bidders must exceed to purchase the assets or the company.
Asset Acquisition by Complete Solaria
- Complete Solaria, a California-based solar technology and services firm
- Will acquire several of SunPower's key assets
- These include the Blue Raven Solar business, New Homes business, and the non-installing Dealer network
This acquisition marks a crucial transition for both SunPower and Complete Solaria in the solar energy market.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.