SunPower’s joint bookrunners for Initial Public Offering (IPO) in November of 2005, Credit Suisse Group and Lehman Brothers, Inc., have agreed to a partial release of outstanding common shares from lock-up restrictions for eligible employees beginning March 10, 2006, through end-of-day March 17, 2006, when the Company’s insider trading black-out period begins.
The release of the lock-up period then resumes on April 21, 2006, the day after SunPower announces its first quarter earnings. SunPower’s 16b executive officers and Cypress Semiconductor Corp. remain subject to the original IPO lock-up restrictions.
With release of this lock-up, SunPower estimates that approximately 260,000 shares will be made available for trading. As of December 31, 2005, approximately 9.1 million shares of class A common stock were issued and outstanding. SunPower’s shares began trading on the Nasdaq National Market on November 17, 2005.