SunPower raises $41M via convertible debt, exchanges $21M notes for 18.8M shares

Filed April 22, 2026 · Period ending April 21, 2026 · ~1 min read

Key Changes

• high

  Issued $41M in 10% convertible senior secured notes due 2029, convertible at $1.64/share (45% premium). Up to 36.3M shares could be issued upon conversion, representing significant potential dilution. Notes secured by substantially all company assets.

  Item 1.01 verify on EDGAR →
• high

  Exchanged $21.25M of existing 7% convertible notes for 18.8M common shares plus accrued interest. This eliminates debt but immediately dilutes existing shareholders while reducing debt burden.

  Item 1.01 verify on EDGAR →
• medium

  CEO T.J. Rodgers' affiliated entity purchased $6M of the new notes (15% of offering), converting prior SAFE agreements. Represents related-party participation in capital raise.

  Item 1.01 verify on EDGAR →