SunPower Static Following Thursday Meeting

SunPower (NASDAQ: SPWR), a solar technology, services, and installation company, held its Annual Meeting yesterday, May 29. All 12 SunPower proposals won with votes of 95% or higher, including: 1. the re-election of our 11 Board members, 2. re-hiring BDO as our auditor, and 3. the approval of the employee stock plan.

SPWR chairman and CEO, T.J. Rodgers, said, “First and foremost, I thank our shareholders again for their great financial support in approving the stockholder plan proposal with a 96% vote. We have already transformed the company with our SPWR asset acquisition, and you just approved the shares – the standard new-hire shares – for about 1,000 SunPower employees that joined us as, in effect, founders, and swelled our ranks by 10x and our revenue by 14.7x.

“In addition, you also pre-approved the hiring shares for the next acquisition, which we are working on vigorously. And the ITC phase-out in the news today will make our next acquisitions easier.”

Rodgers continued, “I have also run multiple financial scenarios for SPWR on the impact of the ITC phase-out. I do not see any possible ITC problem for the rest of this year that could cause SunPower’s revenue to drop enough to make us unprofitable, let alone have a serious financial issue.

SPWR shares closed Thursday at $1.26.