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Complete Solaria, Inc. ("Complete Solaria" or the "Company") (NASDAQ:CSLR) today announced that Kline Hill Partners (KHP), a Complete Solaria debt holder, has agreed to a debt-for-equity swap, and an additional cash investment. Complete Solaria will issue 9.8 million shares (19.9%) of outstanding stock to KHP in return for cancelling its debt. Mike Bego, KHP CEO, said, "We have re-invested the principal and interest on our loan back into Complete Solaria's stock to participate in the Company's future growth." Kline Hill also agreed to buy 3.7 million Complete Solaria warrants.
T.J. Rodgers, Complete Solaria's Chief Executive Officer said, "Thank you Kline Hill for your confidence in us. I would like to sincerely thank Mike Bego and his team for working with us – literally for years – in supporting our company."
Rodgers added, "Kline Hill has agreed to convert its outstanding debt to 9.8 million shares of Common Stock contingent upon the Company's reaching an agreement with its other outstanding lenders to convert their debt to equity. Thus, the main barrier to the Company's recovery is still Carlyle, which remains intransigent. For example, last Sunday at 10:00 p.m. eastern time, I received an email from Carlyle threatening me with a personal lawsuit."
Posted In: CSLR
