Maxeon Solar shares surge 48.03% intraday after clearing debt covenants to sell Malaysia subsidiary.

Maxeon Solar surged 48.03% intraday after announcing its Cayman Islands subsidiary, SunPower Technology Ltd., entered a share sale and purchase agreement to sell its Malaysian manufacturing unit. The company also amended multiple note indentures to permit the sale, enabling automatic lien releases on Malaysia assets. These developments likely alleviated concerns over debt obligations and signaled strategic focus on core operations, boosting investor confidence. While patent challenges and financial struggles were noted in other reports, the positive momentum aligned with the asset disposal and debt restructuring progress.