Kline Hill Invests in Complete Solaria with Debt-Equity Swap

FREMONT, Calif., May 02, 2024 (GLOBE NEWSWIRE) -- 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.”

Upcoming Management Call
Additional detail regarding the Company’s turnaround plan, as well as its fourth quarter 2023 and first quarter 2024 financial and operational results, will be provided this Thursday, May 2, 2024 during a management hosted conference call at 2pm PT, 5pm ET. Interested parties may access the webcast by registering here, or by visiting the Events and Presentations page within the Investor Relations section of the company website at: https://investors.completesolaria.com/news-events/events. Please log in to the webcast at least 10 minutes prior to the start of the event.

About Complete Solaria
Complete Solaria is a solar company with unique technology and end-to-end customer offering, which includes financing, project fulfilment and customer service. Complete Solaria’s digital platform together with premium solar products enable one-stop service for clean energy needs for customers wishing to make the transition to a more energy-efficient lifestyle. For more information visit www.CompleteSolaria.com and follow us on LinkedIn.