SunPower Corporation
04/24/2024 | Press release | Distributed by Public on 04/24/2024 07:06
Costs Associated with Exit/Disposal - Form 8-K
| Item 2.05. |
Costs Associated with Exit or Disposal Activities.
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On April 21, 2024, SunPower Corporation, a Delaware corporation (the "Company"), adopted a restructuring plan intended to further advance efforts to reduce operating costs and improve the economics of the business. The Company expects to incur restructuring charges totaling approximately $28 million, consisting of approximately $14 million in severance benefits, and approximately $14 million related to early contract termination and certain right-of-use and leasehold improvement assets write-offs. The Company expects the restructuring plan to be substantially completed by the end of the Company's second fiscal quarter. The actual timing and costs of the plan, however, may differ from the Company's current expectations and estimates.
Forward-Looking Statements
The above information contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including, but not limited to, statements regarding the Company's restructuring plan, including projections of the extent or timing of restructuring charges and related actions. These forward-looking statements are based on the Company's current assumptions, expectations, and beliefs and involve substantial risks and uncertainties that may cause results, performance, or achievement to materially differ from those expressed or implied by these forward-looking statements. A detailed discussion of these factors and other risks that affect the Company's business is included in filings the Company makes with the Securities and Exchange Commission (the "SEC") from time to time, including the Company's most recent reports on Form 10-K/A and Form 10-Q, particularly under the heading "Risk Factors." Copies of these filings are available online from the SEC or on the SEC Filings section of the Company's Investor Relations website at investors.sunpower.com. All forward-looking statements in this Current Report on Form 8-K are based on information currently available to the Company, and the Company assumes no obligation to update these forward-looking statements in light of new information or future events.