SunPower Inc (NASDAQ:SPWR) shares fell 17.2% in pre-market trading as investors assessed a $26.2 million equity private placement announced the previous evening.
The transaction is expected to settle at an issuance price of $0.2541 per share, compared with the previous closing price of $0.402.
The placement is led by Foris Ventures, the family office of Kleiner Perkins Chairman John Doerr, alongside a group of Sand Hill Road venture investors.
Private Placement Adds Around 103 Million Shares
Under the transaction, SunPower will issue approximately 103.1 million new common shares.
The additional shares increase the company’s outstanding share count, resulting in dilution for existing shareholders.
SunPower shares had risen on Thursday following the announcement of the financing before reversing part of that move in Friday’s pre-market session as the market assessed the terms of the transaction.
SunPower Addresses Capital Position and Operations
CEO T.J. Rodgers has previously discussed the company’s share price trading below $1, citing changes in the broader solar market following the loss of the federal Investment Tax Credit as well as operational issues within the SunPower Direct division during the second quarter of 2026.
Management of the SunPower Direct division has subsequently been assigned to a new divisional manager.
SunPower ended the second quarter of 2026 with $4 million in cash and negative shareholders’ equity, providing additional context for the company’s decision to raise capital.
Solar Sector Shows Limited Movement
Other solar-sector companies, including Sunrun and Enphase Energy, recorded comparatively limited share-price movements on Thursday.
The wider U.S. equity market also showed little movement, with the S&P 500 approximately unchanged and the Nasdaq modestly higher.
SunPower’s 17.2% pre-market decline followed the previous session’s advance and came as investors assessed the increased share count and the private placement’s $0.2541 issuance price.