United States
Securities and Exchange Commission
Washington, D.C. 20549
SCHEDULE 13D/A
Under the Securities Exchange Act of 1934
(Amendment No. 3)*
Maxeon Solar
Technologies, Ltd.
(Name of Issuer)
Ordinary Shares
(Title of Class of Securities)
Y58473102
(CUSIP Number)
Marine Delaitre
General Counsel – Gas, Renewables &
Power
TOTALENERGIES SE
2, place Jean Millier
La Défense 6
92400 Courbevoie
France
00-331-4135-2834
(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
July 5, 2024
(Date of Event which Requires Filing of this
Statement)
If
the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D,
and is filing this schedule because of § § 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box.¨
Note:
Schedules filed in paper format shall include a signed original and five copies of the schedule, including all exhibits. See
§ 240.13d-7 for other parties to whom copies are to be sent.
| * | The remainder of this cover page shall be filled out for a reporting person's initial filing on this
form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter disclosures
provided in a prior cover page. |
The information
required on the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the
Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject
to all other provisions of the Act (however, see the Notes).
1 |
Names
of Reporting Persons
TotalEnergies
SE
|
2 |
Check
the Appropriate Box if a Member of a Group
(a) ¨
(b) ¨
|
3 |
SEC
Use Only
|
4 |
Source
of Funds (See Instructions)
OO
|
5 |
Check
if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e) ¨
|
6 |
Citizenship
or Place of Organization
France
|
Number of Shares Beneficially Owned by Each Reporting Person With |
7 |
Sole Voting Power
0
|
8 |
Shared Voting Power
24,013,639
|
9 |
Sole Dispositive Power
0
|
10 |
Shared Dispositive Power
24,013,639
|
11 |
Aggregate
Amount Beneficially Owned by Each Reporting Person 24,013,639
|
12 |
Check
if the Aggregate Amount in Row (11) Excludes Certain Shares
¨
|
13 |
Percent
of Class Represented by Amount in Row (11)
33.5
per cent.12
|
14 |
Type
of Reporting Person
CO
|
1 Percentage
calculated based on (i) a denominator comprised of (a) 55,705,553 ordinary shares, no par value (the "Ordinary Shares"),
of Maxeon Solar Technologies, Ltd. (the "Issuer") issued and outstanding as of June 14, 2024, as disclosed by the Issuer
in its Forward Purchase Agreement filed by the Issuer on Form 6-K on June 17, 2024 with the U.S. Securities and Exchange Commission (the
"SEC") (the "Outstanding Share Count") plus (b) the "Issuable Shares" as defined under (ii)(b)
immediately below, and (ii) a numerator based on (a) 8,000,931 Ordinary Shares held by the above Reporting Person plus (b) 16,012,708
Ordinary Shares (the "Issuable Shares") that would be issuable upon the conversion of $16,203,395 aggregate principal
amount of the Issuer's Adjustable-Rate Convertible Second Lien Senior Secured Notes due 2028 (the "Notes") issued to
the above Reporting Person's wholly-owned subsidiary on July 5, 2024, pursuant to that certain indenture dated as of June 20, 2024 (the
"Indenture"), by and among the Issuer, the guarantors party thereto, Deutsche Bank Trust Company Americas, as trustee,
DB Trustees (Hong Kong) Limited, as collateral trustee and, solely with respect to the Philippine collateral, RCBC Trust Corporation,
at the applicable conversion rate and conversion adjustment for the Conversion Consideration (as defined in the Indenture) as if the
Notes were converted as of July 5, 2024.
2
It is expected, subject to the satisfaction of certain conditions, including receipt
of required regulatory approvals, that investors unrelated to the Reporting Persons will acquire a significant percentage of the beneficial
ownership of the Issuer’s outstanding Ordinary Shares following consummation of certain transactions disclosed by the Issuer in
a Form 6-K on May 30, 2024 and another Form 6-K on June 17, 2024. Once these transactions are consummated, it is expected that
the beneficial ownership of each Reporting Person may be substantially diluted in the near future. At the time any such dilution
is publicly disclosed, the Reporting Persons expect to promptly amend this Schedule 13D.
1 |
Names of Reporting Persons
TotalEnergies Gaz & Electricité
Holdings SAS
|
2 |
Check the Appropriate Box if a Member of a Group
(a) ¨ (b) ¨
|
3 |
SEC Use Only
|
4 |
Source of Funds (See Instructions)
OO
|
5 |
Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e) ¨
|
6 |
Citizenship or Place of Organization
France
|
Number of Shares Beneficially Owned by Each Reporting Person With |
7 |
Sole Voting Power
0
|
8 |
Shared Voting Power
8,000,931
|
9 |
Sole Dispositive Power
0
|
10 |
Shared Dispositive Power
8,000,931
|
11 |
Aggregate Amount Beneficially Owned by Each Reporting Person 8,000,931
|
12 |
Check if the Aggregate Amount in Row (11) Excludes Certain Shares
¨
|
13 |
Percent of Class Represented by Amount in
Row (11)
14.4 per cent.34
|
14 |
Type of Reporting Person
CO
|
3 Percentage
calculated based on a denominator comprised solely of the Outstanding Share Count.
4 Footnote
2 on page 2 is hereby incorporated by reference.
1 |
Names of Reporting Persons
TotalEnergies Solar INTL SAS
|
2 |
Check the Appropriate Box if a Member of a Group
(a) ¨
(b) ¨
|
3 |
SEC Use Only
|
4 |
Source of Funds (See Instructions)
OO
|
5 |
Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e) ¨
|
6 |
Citizenship or Place of Organization
France
|
Number of Shares Beneficially Owned by Each Reporting Person With |
7 |
Sole Voting Power
0
|
8 |
Shared Voting Power
8,000,931
|
9 |
Sole Dispositive Power
0
|
10 |
Shared Dispositive Power
8,000,931
|
11 |
Aggregate Amount Beneficially Owned by Each Reporting Person 8,000,931
|
12 |
Check if the Aggregate Amount in Row (11) Excludes Certain Shares
¨
|
13 |
Percent of Class Represented by Amount in
Row (11)
14.4 per cent.56
|
14 |
Type of Reporting Person
CO
|
5 Percentage
calculated based on a denominator comprised solely of the Outstanding Share Count.
6 Footnote
2 on page 2 is hereby incorporated by reference.
1 |
Names of Reporting Persons
TotalEnergies Marketing Services SAS
|
2 |
Check the Appropriate Box if a Member of a Group
(a) ¨
(b) ¨
|
3 |
SEC Use Only
|
4 |
Source of Funds (See Instructions)
OO
|
5 |
Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e) ¨
|
6 |
Citizenship or Place of Organization
France
|
Number of Shares Beneficially Owned by Each Reporting Person With |
7 |
Sole Voting Power
0
|
8 |
Shared Voting Power
16,012,708
|
9 |
Sole Dispositive Power
0
|
10 |
Shared Dispositive Power
16,012,708
|
11 |
Aggregate Amount Beneficially Owned by Each Reporting Person 16,012,708
|
12 |
Check if the Aggregate Amount in Row (11) Excludes Certain Shares
¨
|
13 |
Percent of Class Represented by Amount in
Row (11)
22.3 per cent.78
|
14 |
Type of Reporting Person
CO
|
7 Percentage
calculated based on (i) a denominator comprised of the Outstanding Share Count plus the Issuable Shares and (ii) a numerator comprised
solely of the Issuable Shares.
8 Footnote
2 on page 2 is hereby incorporated by reference.
Explanatory Note
This Amendment No. 3 (this "Amendment
No. 3") to Schedule 13D amends the Schedule 13D of the Reporting Persons that was initially filed on September 8, 2020
(the "Initial Filing") with the SEC, as amended by Amendment No. 1 to Schedule 13D filed with the SEC on November 1,
2022 ("Amendment No. 1") and by Amendment No. 2 to Schedule 13D filed with the SEC on May 23, 2023 (together
with the Initial Filing and Amendment No. 1, the "Amended Filing"), relating to the Ordinary Shares of the Issuer.
Information reported in the Amended Filing remains in effect except to the extent that it is amended, restated or superseded by information
contained in this Amendment No. 3 (together with the Amended Filing, the "Schedule 13D"). Capitalized terms used
but not defined in this Amendment No. 3 have the respective meanings set forth in the Amended Filing.
Item 2. |
|
Identity and Background. |
This Amendment No. 3 amends and supplements
Item 2 of the Amended Filing by attaching an updated Schedule A hereto, with respect to the directors and executive officers of each of
the Reporting Persons (as defined below), and by adding the following:
This Schedule 13D is being filed by TEMS (as defined
below), a new reporting person, together with the following existing reporting persons (each, a "Reporting Person", and collectively,
the "Reporting Persons"):
| 1) | TotalEnergies SE, a societas europea organized under the laws of the Republic of France ("TotalEnergies
SE"), |
| 2) | TotalEnergies Gaz & Electricité
Holdings SAS, a French société par actions simplifiée ("TEGEH"), |
| 3) | TotalEnergies Solar INTL SAS, a French société
par actions simplifiée ("TESI"), and |
| 4) | TotalEnergies Marketing Services SAS, a French société par actions simplifiée
("TEMS"). |
TotalEnergies SE indirectly owns 100% of the equity
in each of TEGEH and TESI through a wholly-owned and controlled subsidiary.
The business address of TEMS, a wholly-owned and
controlled subsidiary of TotalEnergies SE, and that of its sole executive officer, is 24 cours Michelet, 92400 Puteaux, France.
During the last five years, none of the Reporting
Persons nor, to the best of the Reporting Persons' knowledge, any of their respective directors or executive officers (i) have been
convicted in any criminal proceeding (excluding traffic violations or similar misdemeanors) or (ii) were parties to a civil proceeding
of a judicial or administrative body of competent jurisdiction and as a result of such proceeding were or are subject to a judgment, decree
or final order enjoining future violations of, or prohibiting or mandating activities subject to, federal or state securities laws or
finding any violation with respect to such laws.
Item 3. |
|
Source and Amount of Funds or Other Consideration. |
On
May 30, 2024, pursuant to that certain Mutual Termination Agreement, dated as of May 30, 2024 (the "Mutual Termination
Agreement"), by and among TEMS, on the one hand, and the Issuer and SunPower Systems Sàrl, a Société
à Responsabilité Limitée organized and existing under the laws of Switzerland and registered with the commercial
register of the Canton of Geneva under registration number CHE-112.357.739, on the other hand, TEMS agreed to acquire $16,203,395 aggregate
principal amount of the Notes in exchange for the termination of the Solarization Agreement (as defined below) and the release of the
obligations of the parties thereunder, including the outstanding amount of debt owed to TEMS by the Issuer under the Photovoltaic Equipment
Supply Master Agreement, dated as of November 9, 2016 (the "Supply Agreement"), and the Amended & Restated
Initial Implementing Agreement, dated as of February 22, 2021 (together with the Supply Agreement, the "Solarization Agreement").
The termination of the Solarization Agreement and the release of the obligations of the parties thereunder became effective upon the issuance
by the Issuer of the Notes to TEMS on July 5, 2024. Pursuant to the Indenture, the Notes acquired by TEMS are convertible into Ordinary
Shares at the sole discretion of TEMS at any time at the applicable conversion rate and conversion adjustment for the Conversion Consideration
as specified in the Indenture, beginning from the date of issuance of the Notes to TEMS.
The information disclosed in this Item 3 does
not purport to be complete and is qualified in its entirety by reference to the Indenture and the Mutual Termination Agreement, copies
of which are attached hereto as Exhibit 99.1 and Exhibit 99.4, respectively, of this Amendment No. 3 and which are incorporated
herein by reference in their entirety.
Item 4. |
|
Purpose of Transaction. |
This Amendment No. 3 amends Item 4 of the
Amended Filing by adding to the end thereof, the paragraphs set forth below:
The purpose of the transaction is described under
Item 3 of this Amendment No. 3, which is incorporated herein by reference into this Item 4.
Other than as described in Item 3 of this Amendment
No. 3 or as previously reported in the Amended Filing, the Reporting Persons do not currently have any plans or proposals that relate
to, or would result in, any of the matters listed in Item 4(a)-(j) of Schedule 13D.
Item 5. |
|
Interest in Securities of the Issuer. |
This Amendment No. 3 amends and restates
Items 5(a), 5(b) and 5(c) of the Amended Filing as set forth below:
(a) and
(b) The information set forth in rows 7 through 13 (and related
footnotes) of each of the cover pages for each Reporting Person of this Amendment No. 3 is incorporated herein by reference
into this Item 5.
(c) On
July 5, 2024, TEMS, a wholly-owned subsidiary of TotalEnergies SE, acquired the Notes, which are convertible into Ordinary Shares
at any time at the sole discretion of TEMS, as described under Item 3 herein. No transactions involving Ordinary Shares were effected
during the past sixty days.
Item 6. | |
Contracts, Arrangements, Understandings or Relationships with Respect to Securities of the Issuer. |
This Amendment No. 3 amends Item 6 of the
Amended Filing by adding to the end thereof, the disclosure set forth under Item 3 of this Amendment No. 3, which is incorporated
herein by reference into this Item 6.
Item 7. |
|
Material to be Filed as Exhibits |
Item 7 of the Amended Filing is hereby amended
and supplemented by adding the following at the end thereof:
Exhibit
Number |
|
Description |
99.1 |
|
Indenture, dated as of June 20, 2024, relating to the Adjustable-Rate Convertible Second Lien Senior Secured Notes due 2028, by and among the Issuer, the guarantors party thereto, Deutsche Bank Trust Company Americas, as trustee, DB Trustees (Hong Kong) Limited, as the collateral trustee and, solely with respect to the Philippine collateral, RCBC Trust Corporation (incorporated by reference to Exhibit 99.1 of the Issuer's Current Report on Form 6-K, filed with the SEC on June 21, 2024). |
|
|
|
99.4 |
|
Mutual Termination Agreement, dated as of May 30, 2024, by and among the Issuer, SunPower Systems Sàrl and TotalEnergies Marketing Services (incorporated by reference to Exhibit 99.4 of the Issuer's Current Report on Form 6-K, filed with the SEC on May 30, 2024). |
SIGNATURES
After reasonable inquiry and to the best of my
knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.
Date:
July 9, 2024
TOTALENERGIES SE |
|
|
|
By: |
/s/ Marine Delaitre |
|
Name: |
Marine Delaitre |
|
Title: |
Duly Authorized Representative |
|
TOTALENERGIES GAZ & ELECTRICITÉ HOLDINGS SAS |
|
|
|
By: |
/s/ Laurent Wolffsheim |
|
Name: |
Laurent Wolffsheim |
|
Title: |
President |
|
TOTALENERGIES SOLAR INTL SAS |
|
|
|
By: |
/s/ Vincent Stoquart |
|
Name: |
Vincent Stoquart |
|
Title: |
President |
|
TOTALENERGIES MARKETING SERVICES SAS |
|
|
|
By: |
/s/ Denis Toulouse |
|
Name: |
Denis Toulouse |
|
Title: |
Finance Director |
|
SCHEDULE A
TOTALENERGIES SE
Name |
|
Occupation |
|
Citizenship |
Patrick Pouyanné |
|
Chairman and Chief Executive Officer |
|
French |
Helle Kristoffersen |
|
President, Asia |
|
French and Danish |
Stéphane Michel |
|
President, Gas, Renewables & Power |
|
French |
Thierry Pflimlin |
|
President, Marketing & Services |
|
French |
Bernard Pinatel |
|
President, Refining & Chemicals |
|
French |
Jean-Pierre Sbraire |
|
Chief Financial Officer |
|
French |
Namita Shah |
|
President, OneTech |
|
French |
Nicolas Terraz |
|
President, Exploration & Production |
|
French |
Aurélien Hamelle |
|
President, Strategy & Sustainability |
|
French |
Jacques Aschenbroich |
|
Director |
|
French |
Anelise Quintão Lara |
|
Director |
|
French |
Marie-Christine Coisne-Roquette |
|
Lead Independent Director |
|
French |
Lise Croteau |
|
Director |
|
Canadian |
Mark Cutifani |
|
Director |
|
Australian |
Emma de Jonge |
|
Director representing employee shareholders |
|
French |
Romain Garcia-Ivaldi |
|
Director representing employees |
|
French |
Maria van der Hoeven |
|
Director |
|
Netherlands |
Glenn Hubbard |
|
Director |
|
American |
Marie-Ange Debon |
|
Director |
|
French |
Jean Lemierre |
|
Director |
|
French |
Dirk Paskert |
|
Director |
|
German |
Angel Pobo |
|
Director representing employees |
|
French |
TOTALENERGIES GAZ & ELECTRICITE HOLDINGS
SAS
Laurent Wolffsheim |
|
President |
|
French |
Bertrand Bouvet |
|
Vice-President |
|
French |
TOTALENERGIES SOLAR INTL SAS
Vincent Stoquart |
|
President |
|
Belgian |
Bruno Leconte |
|
Vice-President |
|
French |
Benoît Lombardet |
|
Vice-President |
|
French |
Emmanuel Bonifacio |
|
Vice-President |
|
French |
Gregory Texier |
|
Vice-President |
|
French |
TOTALENERGIES MARKETING SERVICES SAS
Thierry Pflimlin |
|
President |
|
French |
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