Maxeon Announces Closing of the Full Exercise of Greenshoe Option in its Public Offering

Maxeon Solar Technologies, Ltd. (“Maxeon”) today announced that, in connection with its previously announced public offering of 6,944,445 ordinary shares, the underwriters have fully exercised their option to purchase an additional 1,041,666 ordinary shares (the “Option Shares”) at a public offering price of $18.00 per share. The issuance and sale of the Option Shares closed today.

Maxeon intends to use the net proceeds from the offering of the Option Shares for general corporate purposes, which is expected to include funding its previously announced Performance line expansion and may also include ramping up production and development of next-generation Maxeon 7, increasing manufacturing capacity for Maxeon 5 and 6, research and development and other projects.

Morgan Stanley and BofA Securities served as joint book-running managers and as the representatives of the underwriters for the offering. J Wood Capital Advisors LLC acted as financial advisor to Maxeon for the offering. An effective registration statement on Form F-3 (File Nos. 333-248564 and 333-255263) relating to these securities has been filed with the Securities and Exchange Commission (the “SEC”). The offering was made only by means of the prospectus in that registration statement and the related prospectus supplement. You may access these documents for free by visiting the SEC’s website at www.sec.gov. Alternatively, any underwriter or any dealer participating in the offering will arrange to send you the prospectus and the related prospectus supplement if you request it from Morgan Stanley, Attention: Prospectus Department, 180 Varick Street, Second Floor, New York, New York 10014 or by contacting BofA Securities, NC1-004-03-43, 200 North College Street, 3rd Floor, Charlotte, NC 28255-0001, Attention: Prospectus Department, calling 800/294-1322 or emailing [email protected].

This press release does not constitute an offer to sell or the solicitation of an offer to buy Maxeon’s ordinary shares nor shall there be any sale of such shares in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.