Shares of residential solar company SunPower (NASDAQ:SPWR) dropped almost 2% on Friday and might lose the steam again on Monday after a SEC filing submitted this morning.
SunPower Corporation intends to contribute certain non-U.S. operations and assets of its SunPower Technologies business unit to Maxeon Solar Technologies, Ltd., a company organized under the laws of Singapore, and then to spin off Maxeon into a separate publicly traded company through a pro rata distribution of the Company’s interest in Maxeon to the Company’s stockholders pursuant to the Separation and Distribution Agreement, dated as of November 8, 2019, between the SunPower Corp. and Maxeon.
The SEC filing is a long one containing 8 exhibits with a lot of explanations and text. These days novice traders usually do not understand much of the SEC papers lingo so I expect that many will sell their shares in a fear of selloff.
On a long run SunPower stock seems like a boring investment with nothing special to offer and the stock is losing steam for the last 4 years.