In a recent filing with the Securities and Exchange Commission, Carlyle Group Inc. (NASDAQ:CG) disclosed multiple sales of Complete Solaria, Inc. (NASDAQ:CSLR) shares. The transactions, conducted under a pre-established trading plan, involved a total of 134,596 shares sold between November 21 and November 29, 2024. Complete Solaria's stock has shown significant momentum, delivering a 75% return over the past year, though InvestingPro analysis indicates the company is rapidly burning through cash reserves.
The shares were sold at prices ranging from $2.00 to $2.0323 per share, generating a total of $272,236. Following these transactions, Carlyle Group's indirect ownership in Complete Solaria stands at 2,020,865 shares.
These sales were executed under a Rule 10b5-1 plan, which allows insiders to set up a predetermined schedule for selling stocks. This plan, adopted by CRSEF Solis Holdings, L.L.C., a Carlyle entity, was put in place on September 6, 2024. The transactions reflect Carlyle Group's strategic management of its investment portfolio, with the firm maintaining a significant stake in Complete Solaria.
In other recent news, Complete Solaria has made significant strides in its corporate affairs. The semiconductor company recently expanded its Board of Directors and appointed Lothar Maier as a new director. This follows other leadership changes, including Daniel Foley's appointment as Chief Financial Officer and Aaron Semliatschenko's new role as Vice President of U.S. Operations.
The company has also secured $32.3 million and $52.5 million through the issuance of Convertible Senior Notes due 2029. These funds are expected to support various corporate purposes, including the acquisition of SunPower (OTC:SPWRQ) Corporation's assets, pending final approval by the Bankruptcy Court. This acquisition is anticipated to expand Complete Solaria's operational capacity and market reach.
Analysts have noted the company's successful elimination of $67.6 million in long-term debt, providing an additional $18 million in working capital. Despite a decrease in revenue from $20.7 million to $10 million, Complete Solaria maintained a gross margin of 24% and is expected to increase over 30% in the upcoming quarter, according to analyst projections.
In a recent podcast, CEO T.J. Rodgers shared the company's future strategies, including the integration of assets acquired from SunPower Corporation and exploring new market opportunities. The company has also replaced Deloitte & Touche LLP with BDO USA, P.C. as its new auditor, as part of recent developments shaping the company's trajectory.
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