Shares of Maxeon Solar Technologies, Ltd. (MAXN) slipped over 7% on Tuesday after the company said it intends to focus exclusively on the U.S. market, and to sell EMEA, APAC and LATAM sales and marketing organization to TCL Group.
MAXN is currently trading at $7.40, down $0.58 or 7.27%, on the Nasdaq. The stock opened its trading at $9.43 after closing Monday at $7.98. The stock has traded between $4.98 and $780.00 in the past 52-week period.
Maxeon Solar announced a broad strategic restructuring of the company's business portfolio and geographic market focus.
As a key part of this strategy, Maxeon has executed a five-year lease of an existing building in Albuquerque, New Mexico and plans to begin solar panel manufacturing in this 2 GW capacity facility in early 2026.
In rest-of-world markets, Maxeon and TCL Technology Group, the parent company of its majority shareholder, have reached agreement-in-principle for the sale of Maxeon's EMEA, APAC and LATAM sales and marketing organization to TCL Group which will be incorporated into a newly formed solar solutions business unit, TCL SunPower International.
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