SunPower Raises $10M, Sets Strict Share Limitations for Convertible Debenture

SunPower Inc. has raised $10 million through a convertible debenture with YA II PN, Ltd. The debenture carries a 0% annual interest rate unless an event of default occurs, in which case the rate rises to 18%. The repayment schedule includes five monthly principal installments of $2 million, with a 3% payment premium. The transaction is subject to an exchange cap of 22,381,878 shares, unless stockholders approve issuance above that limit under Nasdaq rules.