SunPower offers 22 million shares in public stock offering

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SunPower Corporation is offering to sell, subject to market and other conditions, 22 million shares of its common stock through an underwritten public offering. SunPower also intends to grant the underwriters an option, exercisable for 30 days after the date of the final prospectus supplement, to purchase up to an additional 3.3 million shares of its common stock on the same terms and conditions.

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SunPower says it plans to use the net proceeds for general corporate purposes, which may include partially funding the repayment of its 0.875% senior convertible debentures due 2021.

MarketWatch reports that shares of SunPower instantly sank 5.1% in premarket trading Monday, after this announcement

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