Complete Solaria Shares Rise 71% After $67.6 Million in Debt Cancelled

By Chris Wack

Complete Solaria shares were up 71% to $1.91 after the company said it cancelled $67.6 million in debt from its balance sheet, and has been released from its obligations under that debt by its two private equity providers, Carlyle and Kline Hill Partners.

The solar technology company signed an agreement May 15 with Carlyle to set aside all of its financial claims in return for $10 million in cash.

On Monday, Complete Solaria said it completed an equivalent deal with Kline Hill Partners for $8 million.

Complete Solaria said on June 17 that T.J. Rodgers funded the $10 million payment to Carlyle by purchasing a convertible debenture security from the company through Cantor Fitzgerald. The investment by T.J. Rodgers has been increased from $10 million to $18 million to fund both private equity settlement deals.

Write to Chris Wack at [e-mail]

(END) Dow Jones Newswires

07-01-24 1020ET