SunPower Corp. (Nasdaq: SPWRA; SPWRB) announced that it plans to sell nine million shares of common stock and $175 million in convertible debt in an attempt to raise about $400 million dollars.
SunPower intends to use the net proceeds for general corporate purposes, including working capital and capital expenditures as well as for the purposes described below.
The company said it will evaluate potential acquisitions and strategic transactions of business, technologies, or products, and may use a portion of the net proceeds for such acquisitions or transactions.
The equity offering follows a quarter in which the company reported an unexpected net loss of about $5 million.
The company recently announced plans to build the nation's largest photovoltaic power plant in cooperation with FPL (NYSE: FPL), and to establish an R&D facility in Florida.
