On September 2, 2026, SunPower Inc. entered into securities purchase agreements with various accredited investors, including entities affiliated with Thurman John "T.J." Rodgers, William Anderson, J. Daniel McCranie, and Devin Whatley. Under these agreements, the company agreed to issue and sell 103,109,005 shares of its common stock in a private placement. The shares were sold at a price of $0.2541 per share, which equaled the Nasdaq Official Closing Price on September 2, 2026. The transaction is expected to generate gross proceeds of approximately $26.2 million, including amounts funded under simple agreements for future equity.
The company intends to use the proceeds from this private placement for working capital and general corporate purposes. The transaction is expected to close on September 4, 2026, subject to the satisfaction of closing conditions. SunPower will issue the shares in reliance on exemptions from registration provided by Section 4(a)(2) of the Securities Act of 1933 and/or Rule 506 of Regulation D.
In a press release dated September 3, 2026, SunPower noted that the majority of the funding came from investors from Sand Hill Road in Silicon Valley. The round was anchored by Foris Ventures, the family office of John Doerr, Chairman of Kleiner-Perkins. CEO T.J. Rodgers stated that the company’s share price is currently hovering under $1 due to the loss of the Investment Tax Credit and a misexecution in the SunPower Direct Division, which has been reassigned to a new P&L manager. Rodgers highlighted that the company serves an underpenetrated residential solar market and plans to return to profitability shortly.
