SunPower Corporation (NASDAQ:SPWR) has applied to list Class B common stock on the NASDAQ Global Select Market.
The listing is to follow a spin-off distribution of Class B shares owned by Cypress Semiconductor Corporation (NSYE:CY) to its stockholders. Cypress Semiconductor is the majority owner of SunPower.
SunPower announced that on September 10, 2008, it filed a registration statement with the Securities and Exchange Commission (SEC) registering the outstanding shares of Class B common stock held by Cypress. The registration statement became effective on filing with the SEC.
SunPower expects that trading in shares of Class B
common stock will begin on a "when-issued" basis as soon as such shares
are approved for listing on the NASDAQ Global Select Market.
When, and
if, such shares become eligible for "when-issued" trading, they will
trade under the symbol "SPWRV" until such time as any "when-issued"
trades are settled, at which time "regular way" trading in Class B
common stock is expected to continue on the NASDAQ Global Select Market
under the symbol "SPWRB."
In addition, SunPower expects to change the
trading symbol of its Class A common stock from "SPWR" to "SPWRA" upon
completion of the spin-off.
The registration statement contains information about the proposed distribution of the Class B shares to Cypress’s stockholders, including information about the federal income tax consequences of the spin-off to U.S. holders. The registration statement is available on SunPower’s website.
About SunPower
SunPower Corporation designs, manufactures and delivers high-performance solar-electric
systems worldwide for residential, commercial and utility-scale power
plant customers. With
headquarters in San Jose, Calif., SunPower has offices in North
America, Europe, Australia, and Asia.
About Cypress
Cypress delivers high-performance, mixed-signal, programmable solutions that provide customers with rapid time-to-market and exceptional system value. Cypress offerings include the PSoC® Programmable System-on-ChipTM, USB controllers, general-purpose programmable clocks and memories. Cypress also offers wired and wireless connectivity solutions ranging from its WirelessUSBTM radio system-on-chip, to West BridgeTM and EZ-USB® FX2LP controllers that enhance connectivity and performance in multimedia handsets. Cypress serves numerous markets including consumer, computation, data communications, automotive, industrial, and solar power. Cypress trades on the NYSE under the ticker symbol CY. Cypress is online at www.cypress.com.
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