Key Highlights

• Convertible Bonds Conversion: Between 1 January 2026 and 16 March 2026, bondholders exercised their rights to convert part of their convertible bonds, amounting to S\$753,000 in principal, into new ordinary shares of Sunpower Group Ltd.
• Number of New Shares Issued: This conversion resulted in the issuance of 3,012,000 new Conversion Shares at a conversion price of S\$0.25 per share.
• Reduction in Outstanding Bonds: The aggregate principal amount of the Convertible Bonds outstanding has decreased from S\$93,782,003 to S\$93,029,003.
• Increase in Share Capital: Following the conversion, the Company’s issued and paid-up share capital has increased from US\$8,184,011.98 (818,401,198 shares) to US\$8,214,131.98 (821,413,198 shares).
• Listing of New Shares: The newly issued Conversion Shares are expected to be listed and quoted on the Main Board of the Singapore Exchange (SGX-ST) with effect from 9.00 a.m. on or about 23 March 2026.

Details for Shareholders and Investors

• Share Dilution: The conversion and issue of new shares will result in a dilution of existing shareholders’ equity, as the total number of shares outstanding has increased. This could potentially impact earnings per share and the voting power of existing shareholders.
• Convertible Bond Terms: The conversion price was set at S\$0.25, as specified in the Convertible Bond terms and conditions. This pricing is relevant for assessing the relative value of the new shares versus the current market price.
• Rights of Conversion Shares: The new Conversion Shares will rank pari passu with existing shares, meaning they carry equal rights, except for any dividends, rights, or distributions where the record date precedes the registration of the new shares. This is important for shareholders monitoring dividend eligibility and participation in future corporate actions.
• Potential Impact on Share Price: The announcement of the conversion and issuance of new shares, as well as the listing date, may be price sensitive and could influence market sentiment. Investors should monitor trading activity and price movements, especially around the listing date of the Conversion Shares.
• Future Conversion Risk: With S\$93,029,003 of Convertible Bonds still outstanding, further conversions could occur, leading to continued share dilution and changes in the capital structure.
• Corporate Transparency: The Board has provided clear timelines and details regarding the conversion process and share issuance, enhancing corporate transparency and investor confidence.

Important Dates

• Allotment and Issuance Date: 20 March 2026
• Expected Listing Date: 23 March 2026 (9:00 a.m. local time)

Conclusion

The conversion of convertible bonds into new ordinary shares marks a significant development in Sunpower Group Ltd.’s capital structure. The increase in share capital and reduction in outstanding convertible bonds are noteworthy events that may impact the company’s share price due to dilution and potential changes in investor sentiment. Shareholders are advised to review their positions in light of these changes and monitor further conversions of the remaining bonds.

Disclaimer

This article is for informational purposes only and does not constitute investment advice. Investors should conduct their own research and consult with financial professionals before making any investment decisions. Sunpower Group Ltd. reserves the right to make further announcements as necessary.

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