News

Cypress Sells 7.5M Shares of SunPower Subsidiary

May 07, 2007 by Jeff Shepard

Cypress Semiconductor Corp. reported that it has sold 7.5 million shares of its wholly-owned subsidiary SunPower Corp.’s Class A common stock for proceeds of $455.1 million based on the April 30 closing price of $60.68. The sale is expected to settle by May 4 (but has not as of May 8). Following the sale, Cypress claims that it will own 44,533,287 shares of SunPower Class B common stock.