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FBI Director Christopher Wray announced he will resign in advance of President-elect Donald Trump’s inauguration — meaning he will depart from the bureau about three years before his term ends. Wray’s decision, which was revealed on Dec. 11, came shortly after Trump nominated Kash Patel — a strong supporter of his — to lead the FBI. “In my view, this is the best way to avoid dragging the bureau deeper into the fray, while reinforcing the values and principles that are so important to how we do our work,” Wray, who was nominated by Trump in 2017, told his colleagues, according to The Associated Press. Trump celebrated the move, writing in a post on Truth Social that Wray’s resignation “is a great day for America as it will end the Weaponization of what has become known as the United States Department of Injustice.” Amid these developments, here is what to know about FBI directors and their tenureships. Who appoints the FBI director? During the early years of the FBI, the attorney general was charged with choosing the bureau’s director, who was not constrained by term limits . However, in 1968, Congress passed a law establishing that the president would appoint the director, who would require Senate confirmation. “By that point the FBI was considered important enough to warrant an executive appointment,” Douglas Charles, a history professor at Pennsylvania State University Greater Allegheny, who researches the FBI, told McClatchy News. “Before then, attorneys general hired and fired them.” How long is the FBI director’s term? In 1976, Congress passed a law permitting the FBI director to serve one 10-year term. The law “stemmed directly from the fact that J. Edgar Hoover was entrenched as director for 48 years,” Charles said. Hoover led the intelligence agency from 1924 to 1972 , during which time he amassed significant powers, he said. As a result, the law sought to prohibit anyone else from following in his footsteps. Hoover wasn’t the only impetus for the term limit, though. “This law came, as well, in the wake of Watergate where President Nixon tried to have his own man, his own lackey, L. Patrick Gray, become FBI director,” Charles said. So, the law “sought to isolate the FBI from White House political influence.” Do most directors stay on for 10 years? There have been 12 directors — including acting directors — since the 10-year term limit was established, and nearly all of them left office before their term ended, according to FBI records. For example, Clarence Kelley , who was nominated by Nixon, led the agency for about five years between 1973 and 1978. Similarly, Louis Freeh , who was nominated by President Bill Clinton, helmed the agency for about eight years between 1993 and 2001. The only director to stay on for a full term was Robert Mueller , who was in office for 12 years. President George W. Bush nominated Mueller to head the FBI in 2001, and in 2011, before his term ended, President Barack Obama asked Congress to pass legislation extending his term for two more years — which it did. “The United States faces ongoing threats from terrorists intent on attacking us both at home and abroad, and it is crucial that the FBI have sustained, strong leadership to confront that threat,” Attorney General Eric Holder said at the time. “There is no better person for that job than Bob Mueller.” More politics news → How does Senate confirmation process work? What to know as Trump makes Cabinet picks → Trump to return to White House after 4 years. Only one past president has done that → How did LGBT Americans vote in election? Exit poll finds significant shift from 2020 Have any FBI directors been fired? “Only two FBI directors were outright fired,” Charles said. The first was William Sessions, whom Clinton dismissed in 1993 after learning the director had been accused of misusing FBI resources. Specifically, he had been accused of using a government airplane for personal reasons, installing a fence around his house using government funds and failing to pay taxes on an FBI limousine, according to ABC News. Twenty-four years later, in 2017, Trump fired FBI Director James Comey amid a bureau investigation into whether Trump’s campaign had colluded with the Russian government. At the time, Trump said Comey’s ouster was required to bring back “public trust and confidence” in the FBI, according to The Associated Press. “There have been other FBI directors who resigned in the past after improprieties or scandals surfaced,” Charles said. “I call these Washington, D.C., ‘firings’ where they were quietly asked to resign or just stepped aside.” One of these was L. Patrick Gray, who became acting director following the death of Hoover in 1972. He resigned in 1973 after it was disclosed that he had destroyed incriminating White House documents related to the Watergate scandal , according to The Guardian. Gray’s successor, Kelley, also left office early following a scandal. Following the election in 1976, it was revealed that FBI carpenters did construction on his home, costing a total of $355, Charles said. “In the wake of Hoover and Watergate this was seen as a scandal,” he said. “By our standards today it is small potatoes.” President Jimmy Carter, who was inaugurated in 1977, ended up making a deal with Kelley, in which he would step down after one year, Charles said. Who do Americans trust for health information? Poll finds gap between FDA and RFK Jr. Most Americans approve of Trump transition phase, poll finds. What about past presidents? Can Donald Trump actually end birthright citizenship? Legal experts weigh inAP News in Brief at 6:04 p.m. EST

Walmart’s DEI rollback signals a profound shift in the wake of Trump’s election victory

Manchester City's struggles continued as Pep Guardiola's side remarkably blew a three-goal lead to draw 3-3 with Feyenoord in the Champions League on Tuesday, while Bayern Munich beat Paris Saint-Germain to leave the French club in danger of elimination. There were also big wins for Arsenal, Atletico Madrid, Atalanta and Bayer Leverkusen, while Inter Milan went top of the standings after five games and Barcelona's Robert Lewandowski reached a century of Champions League goals. However, the biggest drama came at the Etihad Stadium, where City were cruising early in the second half with a three-goal advantage as they sought to end a run of five successive defeats in all competitions. Erling Haaland opened the scoring from a penalty just before half-time, and Ilkay Gundogan's deflected shot made it 2-0 in the 50th minute. Haaland struck again to make it 3-0, but Feyenoord's comeback began on 75 minutes when Anis Hadj Moussa took advantage of hapless defending to round goalkeeper Ederson and pull one back. Substitute Santiago Gimenez bundled in to make it 3-2 on 82 minutes and the equaliser arrived a minute from the end. Ederson was again caught out with Igor Paixao going around the goalkeeper and crossing for Slovak international David Hancko to head in. "We concede a lot of goals because we are not stable," complained Guardiola. "We lost a lot of games lately. We are fragile and of course we need a victory." It is the first time that a team has gone into the last 20 minutes of a Champions League game trailing by three goals and still avoided defeat, as the point boosts the Dutch side's hopes of progressing. City are two points outside the top eight places which offer direct qualification for the last 16, while Bayern moved above them by beating PSG 1-0 in Munich. South Korean defender Kim Min-jae scored the only goal seven minutes before half-time, heading in after goalkeeper Matvei Safonov failed to clear a corner. PSG had Ousmane Dembele sent off in the second half and the French champions have just four points, and three goals, from five games. They are a lowly 26th in the 36-team league, a point adrift of the positions which offer a place in the play-off round in February. "We need to win our last three matches, otherwise we risk being eliminated," admitted PSG coach Luis Enrique. - Lewandowski century - Lewandowski notched his 100th goal in the competition with an early penalty in Barcelona's 3-0 home win over French side Brest. Dani Olmo netted midway through the second half before Lewandowski sealed Barca's win at the death, his 101st goal in the Champions League -- only Cristiano Ronaldo and Lionel Messi have scored more. Inter lead the standings with 13 points, a point ahead of Barcelona and Liverpool, after a 1-0 win at home to RB Leipzig which means they are also still yet to concede a goal. Castello Lukeba's own goal made the difference at San Siro, and Leipzig are one of only three teams to have lost five games out of five. Arsenal romped to a 5-1 victory away to Sporting in Lisbon, as the Portuguese side adapt to life without coach Ruben Amorim, who has departed for Manchester United. Gabriel Martinelli, Kai Havertz and Gabriel Magalhaes all scored in the first half for Arsenal, before Goncalo Inacio pulled one back shortly after the restart. Bukayo Saka converted a penalty on 65 minutes after Martin Odegaard had been brought down, and Leandro Trossard headed in to seal Arsenal's win late on. - Atalanta, Atletico hit six - Atalanta romped to a 6-1 win over rock-bottom Young Boys in Switzerland, with Mateo Retegui and Charles De Ketelaere both scoring braces. Sead Kolasinac and Lazar Samardzic also netted for the Italians, with Silvere Ganvoula getting the hosts' reply. Florian Wirtz struck twice, including a penalty, as Leverkusen crushed Red Bull Salzburg 5-0, with Alejandro Grimaldo scoring a superb free-kick and Patrik Schick and Aleix Garcia also netting. Julian Alvarez and substitute Angel Correa each scored twice and Marcos Llorente and Antoine Griezmann once as Atletico romped to a 6-0 win away to Sparta Prague. Christian Pulisic, Rafael Leao and Tammy Abraham were the scorers in AC Milan's 3-2 win at Slovan Bratislava, whose goals came from Tigran Barseghyan and Nino Marcelli. Marko Tolic saw red at the end for Slovan, who are without a point. as/nf

SANTA CLARA, Calif. (AP) — San Francisco 49ers quarterback Brock Purdy will miss Sunday's game against the Green Bay Packers with a sore throwing shoulder. Purdy injured his right shoulder in last Sunday's loss to the Seattle Seahawks . Purdy underwent an MRI that showed no structural damage but the shoulder didn't improve during the week and Purdy was ruled out for the game. Coach Kyle Shanahan said star defensive end Nick Bosa also will miss the game with injuries to his left hip and oblique. Left tackle Trent Williams is questionable with an ankle injury and will be a game-time decision. This will be the first time Purdy has missed a start because of an injury since taking over as the 49ers’ quarterback in December 2022. Brandon Allen will start in his place. The Niners (5-5) are currently in a three-way tie for second in the NFC West, a game behind first-place Arizona, and have little margin for error if they want to get back to the playoffs after making it to the Super Bowl last season. Purdy has completed 66% of his passes this season for 2,613 yards, 13 TDs, eight interceptions and a 95.9 passer rating that is down significantly from his league-leading mark of 113 in 2023. Allen has been mostly a backup since being drafted by Jacksonville in 2016. Allen last started a game in Week 18 of the 2021 season for Cincinnati and has thrown just three passes the last three seasons — including none since joining San Francisco in 2023. Joshua Dobbs will be the backup on Sunday. AP NFL: https://apnews.com/hub/NFLNEW YORK (AP) — A gunman killed UnitedHealthcare’s CEO on Wednesday in a “brazen, targeted attack” outside a Manhattan hotel where the health insurer was holding its investor conference, police said, setting off a massive search for the fleeing assailant hours before the annual Rockefeller Center Christmas tree lighting nearby. Brian Thompson, 50, was shot around 6:45 a.m. as he walked alone to the New York Hilton Midtown from a nearby hotel, police said. The shooter appeared to be “lying in wait for several minutes” before approaching Thompson from behind and opening fire , New York City Police Commissioner Jessica Tisch said. Police had not yet established a motive. “Many people passed the suspect, but he appeared to wait for his intended target,” Tisch said, adding that the shooting "does not appear to be a random act of violence.” Surveillance video reviewed by investigators shows someone emerging from behind a parked car, pointing a gun at Thompson’s back, then firing multiple times from several feet away. The gunman continues firing, interrupted by a brief gun jam, as Thompson stumbles forward and falls to the sidewalk. He then walks past Thompson and out of the frame. “From watching the video, it does seem that he’s proficient in the use of firearms as he was able to clear the malfunctions pretty quickly,” NYPD Chief of Detectives Joseph Kenny said. Thompson was shot at least once in the back and once in the calf, Tisch said. The shooter, who wore a jacket, face mask and large backpack, fled through Midtown on foot before pedaling an electric bike into Central Park a few blocks away, police said. The assailant remained at large Wednesday afternoon, sparking a search that included police drones, helicopters and dogs. “Brian was a highly respected colleague and friend to all who worked with him,” the insurer’s Minnetonka, Minnesota-based parent company, UnitedHealth Group Inc., said in a statement. "We are working closely with the New York Police Department and ask for your patience and understanding during this difficult time.” Police issued a poster showing a surveillance image of the man pointing what appeared to be a gun and another image that appeared to show the same person on a bicycle. Minutes before the shooting, he stopped at a nearby Starbucks, according to additional surveillance photos released by police on Wednesday afternoon. They offered a reward of up to $10,000 for information leading to an arrest and conviction. Thompson’s wife, Paulette Thompson, told NBC News that he told her “there were some people that had been threatening him.” She didn’t have details but suggested the threats may have involved issues with insurance coverage. Eric Werner, the police chief in the Minneapolis suburb where Thompson lived, said his department had not received any reports of threats against the executive. The killing shook a part of New York City that's normally quiet at that hour, happening about four blocks from where tens of thousands of people were set to gather for Wednesday night’s tree lighting. Police promised extra security for the event. The hotel is also a short walk from other tourist sites, including the Museum of Modern Art and Radio City Music Hall, and is often dense with office workers and visitors on weekday mornings. Many security cameras are nearby. “We’re encouraging New Yorkers to go about their daily lives and their daily business but to be alert,” NYPD Chief of Department Jeffrey Maddrey said. Investigators recovered several 9 mm shell casings from outside the hotel and a cellphone from the alleyway through which the shooter fled. They were also searching Thompson's hotel room, interviewing his UnitedHealthcare colleagues and reviewing his social media, Kenny said. Police initially said the shooter rode into Central Park on a bicycle from the city’s bike-share program, CitiBike. But a spokesperson for the program’s operator, Lyft, said police officials informed the company Wednesday afternoon that the bike was not from the CitiBike fleet. Health care giant UnitedHealth Group was holding its annual meeting with investors to update Wall Street on the company's direction and expectations for the coming year. The company ended the conference early in the wake of Thompson's death. “I’m afraid that we — some of you may know we’re dealing with a very serious medical situation with one of our team members,” a company official told attendees, according to a transcript. “And as a result, I’m afraid we’re going to have to bring to a close the event today. ... I’m sure you’ll understand.” Thompson, a father of two sons, had been with the company since 2004 and served as CEO for more than three years. UnitedHealthcare is the largest provider of Medicare Advantage plans in the U.S. and manages health insurance coverage for employers and state-and federally funded Medicaid programs. Minnesota Gov. Tim Walz posted on the social platform X that the state is “sending our prayers to Brian’s family and the UnitedHealthcare team.” “This is horrifying news and a terrible loss for the business and health care community in Minnesota,” the Democrat wrote. Associated Press writers Tom Murphy in Indianapolis, Steve Karnowski in St. Paul, Minnesota, and Anthony Izaguirre in Albany, New York, contributed to this story.

By HILLEL ITALIE NEW YORK (AP) — Even through a year of nonstop news about elections, climate change, protests and the price of eggs, there was still time to read books. Related Articles Books | Nikki Giovanni, poet and literary celebrity, has died at 81 Books | Percival Everett, 2024 National Book Award winner, rereads one book often Books | Gift books for 2024: What to give, and what to receive, for all kinds of readers Books | Our critic’s picks: Best mystery fiction books of 2024 Books | 10 best books of 2024: The surprising reads that stuck U.S. sales held steady according to Circana, which tracks around 85% of the print market, with many choosing the relief of romance, fantasy and romantasy. Some picked up Taylor Swift’s tie-in book to her blockbuster tour, while others sought out literary fiction, celebrity memoirs, political exposes and a close and painful look at a generation hooked on smartphones. Here are 10 notable books published in 2024, in no particular order. Asking about the year’s hottest reads would basically yield a list of the biggest hits in romantasy, the blend of fantasy and romance that has proved so irresistible fans were snapping up expensive “special editions” with decorative covers and sprayed edges. Of the 25 top sellers of 2024, as compiled by Circana, six were by romantasy favorite Sarah J. Maas, including “House of Flame and Shadow,” the third of her “Crescent City” series. Millions read her latest installment about Bryce Quinlan and Hunter Athalar and traced the ever-growing ties of “Maasverse,” the overlapping worlds of “Crescent City” and her other series, “Throne of Glass” and “A Court of Thorns and Roses.” If romantasy is for escape, other books demand we confront. In the bestselling “The Anxious Generation,” social psychologist Jonathan Haidt looks into studies finding that the mental health of young people began to deteriorate in the 2010s, after decades of progress. According to Haidt, the main culprit is right before us: digital screens that have drawn kids away from “play-based” to “phone-based” childhoods. Although some critics challenged his findings, “The Anxious Generation” became a talking point and a catchphrase. Admirers ranged from Oprah Winfrey to Arkansas Gov. Sarah Huckabee, who in a letter to state legislators advocated such “commonsense recommendations” from the book as banning phones in schools and keeping kids off social media until age 16. Bob Woodward books have been an election tradition for decades. “War,” the latest of his highly sourced Washington insider accounts, made news with its allegations that Donald Trump had been in frequent contact with Russian leader Vladimir Putin even while out of office and, while president, had sent Putin sophisticated COVID-19 test machines. Among Woodward’s other scoops: Putin seriously considered using nuclear weapons against Ukraine, and President Joe Biden blamed former President Barack Obama, under whom he served as vice president, for some of the problems with Russia. “Barack never took Putin seriously,” Woodward quoted Biden as saying. Former (and future) first lady Melania Trump, who gives few interviews and rarely discusses her private life, unexpectedly announced she was publishing a memoir: “Melania.” The publisher was unlikely for a former first lady — not one of the major New York houses, but Skyhorse, where authors include such controversial public figures as Woody Allen and Trump cabinet nominee Robert F. Kennedy Jr. And its success was at least a minor surprise. Melania Trump did little publicity for the book, and offered few revelations beyond posting a video expressing support for abortion rights — a break from one of the cornerstones of GOP policy. But “Melania” still sold hundreds of thousands of copies, many in the days following her husband’s election. Taylor Swift was more than a music story in 2024. Like “Melania,” the news about Taylor Swift’s self-published tie-in to her global tour isn’t so much the book itself, but that it exists. And how well it sold. As she did with the “Eras” concert film, Swift bypassed the established industry and worked directly with a distributor: Target offered “The Eras Tour Book” exclusively. According to Circana, the “Eras” book sold more than 800,000 copies just in its opening week, an astonishing number for a publication unavailable through Amazon.com and other traditional retailers. No new book in 2024 had a better debut. Midnight book parties are supposed to be for “Harry Potter” and other fantasy series, but this fall, more than 100 stores stayed open late to welcome one of the year’s literary events: Sally Rooney’s “Intermezzo.” The Irish author’s fourth novel centers on two brothers, their grief over the death of their father, their very different career paths and their very unsettled love lives. “Intermezzo” was also a book about chess: “You have to read a lot of opening theory — that’s the beginning of a game, the first moves,” one of the brothers explains. “And you’re learning all this for what? Just to get an okay position in the middle game and try to play some decent chess. Which most of the time I can’t do anyway.” Lisa Marie Presley had been working on a memoir at the time of her death , in 2023, and daughter Riley Keough had agreed to help her complete it. “From Here to the Great Unknown” is Lisa Marie’s account of her father, Elvis Presley, and the sagas of of her adult life, notably her marriage to Michael Jackson and the death of son Benjamin Keough. To the end, she was haunted by the loss of Elvis, just 42 when he collapsed and died at his Graceland home while young Lisa Marie was asleep. “She would listen to his music alone, if she was drunk, and cry,” Keough, during an interview with Winfrey, said of her mother. Meanwhile, Cher released the first of two planned memoirs titled “Cher” — no further introduction required. Covering her life from birth to the end of the 1970s, she focuses on her ill-fated marriage to Sonny Bono, remembering him as a gifted entertainer and businessman who helped her believe in herself while turning out to be unfaithful, erratic, controlling and so greedy that he kept all the couple’s earnings for himself. Unsure of whether to leave or stay, she consulted a very famous divorcee, Lucille Ball, who reportedly encouraged her: “F— him, you’re the one with the talent.” A trend in recent years is to take famous novels from the past, and remove words or passages that might offend modern readers; an edition of “The Adventures of Huckleberry Finn” cuts the racist language from Mark Twain’s original text. In the most celebrated literary work of 2024, Percival Everett found a different way to take on Twain’s classic — write it from the perspective of the enslaved Jim. “James,” winner of the National Book Award, is a recasting in many ways. Everett suggests to us that the real Jim was nothing like the deferential figure known to millions of readers, but a savvy and learned man who concealed his intelligence from the whites around him, and even from Twain himself. Salman Rushdie’s first National Book Award nomination was for a memoir he wished he had no reason to write. In “Knife,” he recounts in full detail the horrifying attempt on his life in 2022, when an attendee rushed the stage during a literary event in western New York and stabbed him repeatedly, leaving with him a blinded eye and lasting nerve damage, but with a spirit surprisingly intact. “If you had told me that this was going to happen and how would I deal with it, I would not have been very optimistic about my chances,” he told The Associated Press last spring. “I’m still myself, you know, and I don’t feel other than myself. But there’s a little iron in the soul, I think.”The latest development came hours after thousands of his supporters, defying government warnings, broke through a barrier of shipping containers blocking off Islamabad and entered a high-security zone, where they clashed with security forces, facing tear gas shelling, mass detentions and gunfire. Tension has been high in Islamabad since Sunday when supporters of the former PM began a “long march” from the restive north-west to demand his release. Khan has been in a prison for more than a year and faces more than 150 criminal cases that his party says are politically motivated. Khan’s wife, Bushra Bibi, led the protest, but she fled as police pushed back against demonstrators. Hundreds of Khan’s supporters are being arrested in the ongoing night-time operation. Interior minister Mohsin Naqvi told reporters that the Red Zone, which houses government buildings and embassies, and the surrounding areas have been cleared. Leaders from Khan’s Pakistan Tehreek-e-Insaf party, or PTI, have also fled the protest site. Earlier on Tuesday, Pakistan’s army took control of D-Chowk, a large square in the Red Zone, where visiting Belarusian President Alexander Lukashenko is staying. Since Monday, Mr Naqvi had threatened that security forces would use live fire if protesters fired weapons at them. “We have now authorised the police to respond as necessary,” Mr Naqvi said Tuesday while visiting the square. Before the operation began, protester Shahzor Ali said people had taken to the streets because Khan had called for them. “We will stay here until Khan joins us. He will decide what to do next,” Mr Ali said. Protester Fareeda Bibi, who is not related to Khan’s wife, said people have suffered greatly for the last two years. “We have really suffered for the last two years, whether it is economically, politically or socially. We have been ruined. I have not seen such a Pakistan in my life,” she said. Authorities have struggled to contain the protest-related violence. Six people, including four members of the security services, were killed when a vehicle rammed them on a street overnight into Tuesday. A police officer died in a separate incident. Dozens of Khan supporters beat a videographer covering the protest for the Associated Press and took his camera. He sustained head injuries and was treated in hospital. By Tuesday afternoon, fresh waves of protesters made their way unopposed to their final destination in the Red Zone. Mr Naqvi said Khan’s party had rejected a government offer to rally on the outskirts of the city. Information minister Atta Tarar warned there would be a severe government reaction to the violence. The government says only the courts can order Khan’s release. He was ousted in 2022 through a no-confidence vote in Parliament. In a bid to foil the unrest, police have arrested more than 4,000 Khan supporters since Friday and suspended mobile and internet services in some parts of the country. Messaging platforms were also experiencing severe disruption in the capital. Khan’s party relies heavily on social media and uses messaging platforms such as WhatsApp to share information, including details of events. The X platform, which is banned in Pakistan, is no longer accessible, even with a VPN. Last Thursday, a court prohibited rallies in the capital and Mr Naqvi said anyone violating the ban would be arrested. Travel between Islamabad and other cities has become nearly impossible because of shipping containers blocking the roads. All education institutions remain closed.

SINGAPORE , Dec. 5, 2024 /PRNewswire/ -- Maxeon Solar Technologies, Ltd. MAXN ("Maxeon" or "the Company"), a global leader in solar innovation and channels, today announced its financial results for the third quarter ended September 29, 2024 . Maxeon's Chief Executive Officer George Guo stated, "Third quarter results were distorted due to deliveries detained by the United States Customs and Border Protection ("CBP"), fixed costs associated with factory shutdowns and low production levels, and costs and write-offs from our ongoing restructuring. On top of this, we continue to observe depressed prices as a result of the global oversupply and intense competition. The average market price for high efficiency and mainstream crystalline modules like our IBC products and Performance line products has dropped by approximately 43.5% and 28.6%, respectively, since January 2024 . We recently announced some of the key strategic initiatives undertaken to optimize Maxeon's business portfolio and geographic market focus. Moving forward, we intend to re-create Maxeon as a world leader in solar, focused exclusively in the United States where we believe our market presence and planned local manufacturing create a strong platform to drive growth and profitability in the future. We appreciate the support and patience of our investors as we translate our strategic thinking into concrete actions." Maxeon's Chief Financial Officer Dmitri Hu added, "As we establish our new strategy to transform Maxeon, we are highly focused on our financial position. We intend to reserve sufficient liquidity for daily operations, while we recapitalize the company to fund our restructuring and growth. However, considering the continued uncertainties around CBP detentions, we are unable to provide financial guidance for fourth quarter of 2024. We will defer holding a conference call to discuss quarterly financial results, until the ongoing restructuring is complete and we can provide a more comprehensive view of our go-forward strategy." Selected Q3 Unaudited Financial Summary (In thousands, except shipments) Fiscal Q3 2024 Revised Fiscal Q2 2024 Fiscal Q3 2023 Shipments, in MW 199 526 628 Revenue $ 88,560 $ 184,219 $ 227,630 Gross (loss) profit (1) (179,101) (7,785) 2,728 GAAP Operating expenses 153,218 61,670 66,562 Net loss attributable to the stockholders (1) (393,944) (34,231) (2) (108,257) Capital expenditures 11,129 17,707 15,127 Other Financial Data (1) (In thousands) Fiscal Q3 2024 Revised Fiscal Q2 2024 Fiscal Q3 2023 Non-GAAP Gross (loss) profit $ (174,742) $ (5,794) $ 2,728 Non-GAAP Operating expenses 42,861 40,180 37,535 Adjusted EBITDA (225,705) (36,574) (19,923) (1) The Company's use of Non-GAAP financial information, including a reconciliation to U.S. GAAP, is provided under "Use of Non-GAAP Financial Measures" below. (2) Reflects the correction of an error in the gain on extinguishment of debt reported in our second quarter Form 6-K, filed with the SEC on September 3, 2024, due to incorrect valuation methodology and assumptions used on the ratio of warrants to number of shares. The revised gain on extinguishment of debt should be $35.3 million instead of the previously reported $77.3 million. In addition, $24.8 million of warrants were erroneously classified as equity that should have been classified as liabilities, as the fixed-for-fixed criteria was not met until the three months ended September 29, 2024.Consequently, interest expense, net should be $14.1 million instead of $10.1 million as reported previously. Total effect on net loss attributable to the stockholders is $45.9 million. For more information Maxeon's third quarter 2024 financial results and management commentary can be found on Form 6-K by accessing the Financials & Filings page of the Investor Relations section of Maxeon's website at: https://corp.maxeon.com/investor-relations . The Form 6-K and Company's other filings are also available online from the Securities and Exchange Commission at www.sec.gov . About Maxeon Solar Technologies Maxeon Solar Technologies MAXN is Powering Positive ChangeTM. Headquartered in Singapore, Maxeon leverages nearly 40 years of solar energy leadership and over 2,000 granted patents to design innovative and sustainably made solar panels and energy solutions for residential, commercial, and power plant customers. For more information about how Maxeon is Powering Positive ChangeTM visit us at www.maxeon.com , and on LinkedIn. Forward-Looking Statements This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including, but not limited to, statements regarding: (a) our ability to (i) meet short-term and long-term material cash requirements, (ii) service our outstanding debts and make payments as they come due and (iii) continue as a going concern; (b) the success of our ongoing restructuring initiatives and our ability to execute on our plans and strategy; (c) our expectations regarding product pricing trends, demand and growth projections, including our efforts to enforce our intellectual property rights against our competitors; (d) disruptions to our operations and supply chain resulting from, among other things, government regulatory or enforcement actions, such as the detentions of our products by the U.S. Customs Border and Protection (CBP) for an unforeseeable amount of time, epidemics, natural disasters or military conflicts, including the duration, scope and impact on the demand for our products, market disruptions from the war in Ukraine and the Israel-Hamas-Iran conflict; (e) anticipated product launch timing and our expectations regarding ramp, customer acceptance and demand, upsell and expansion opportunities; (f) our expectations and plans for short- and long-term strategy, including our anticipated areas of focus and investment, market expansion, product and technology focus, implementation of restructuring plans and projected growth and profitability; (g) our technology outlook, including anticipated fab capacity expansion and utilization and expected ramp and production timelines for the Company's next-generation Maxeon 7 and Performance line solar panels, expected cost reductions, and future performance; (h) our strategic goals and plans, including statements regarding restructuring of our business portfolio, the Company's anticipated manufacturing facility in the U.S., our transformation initiatives and plans regarding supply chain adaptation, improved costs and efficiencies, capacity expansion, partnership discussions with respect to the Company's next-generation technology, and our relationship with our existing customers, suppliers and partners, and our ability to achieve and maintain them; (i) our expectations regarding our future performance and revenues resulting from contracted orders, bookings, backlog, and pipelines in our sales channels and feedback from our partners; and (j) our projected effective tax rate and changes to the valuation allowance related to our deferred tax assets. The forward-looking statements can be also identified by terminology such as "may," "might," "could," "will," "aims," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates" and similar statements. Among other things, the quotations from management in this press release and Maxeon's operations and business outlook contain forward-looking statements. These forward-looking statements are based on our current assumptions, expectations and beliefs and involve substantial risks and uncertainties that may cause results, performance or achievement to materially differ from those expressed or implied by these forward-looking statements. These statements are not guarantees of future performance and are subject to a number of risks. The reader should not place undue reliance on these forward-looking statements, as there can be no assurances that the plans, initiatives or expectations upon which they are based will occur. Factors that could cause or contribute to such differences include, but are not limited to: (1) challenges in executing transactions key to our strategic plans, and other restructuring plans, as well as challenges in addressing regulatory and other obstacles that may arise; (2) our liquidity, substantial indebtedness, terms and conditions upon which our indebtedness is incurred, and ability to obtain additional financing for our projects, customers and operations; (3) an adverse final determination of the CBP investigation related to CBP's examination of Maxeon's compliance with the Uyghur Forced Labor Prevention Act; (4) our ability to manage supply chain shortages and/or excess inventory and cost increases and operating expenses; (5) potential disruptions to our operations and supply chain that may result from damage or destruction of facilities operated by our suppliers, difficulties in hiring or retaining key personnel, epidemics, natural disasters, including impacts of the war in Ukraine ; (6) our ability to manage our key customers and suppliers; (7) the success of our ongoing research and development efforts and our ability to commercialize new products and services, including products and services developed through strategic partnerships; (8) competition in the solar and general energy industry and downward pressure on selling prices and wholesale energy pricing, including impacts of inflation, economic recession and foreign exchange rates upon customer demand; (9) changes in regulation and public policy, including the imposition and applicability of tariffs; (10) our ability to comply with various tax holiday requirements as well as regulatory changes or findings affecting the availability of economic incentives promoting use of solar energy and availability of tax incentives or imposition of tax duties; (11) fluctuations in our operating results and in the foreign currencies in which we operate; (12) appropriate sizing, or delays in expanding our manufacturing capacity and containing manufacturing and logistical difficulties that could arise; (13) unanticipated impact to customer demand and sales schedules due, among other factors, to the war in Ukraine , economic recession and environmental disasters; (14) reaction by securities or industry analysts to our annual and/or quarterly guidance, in combination with our results of operations or other factors, and/ or third party reports or publications, whether accurate or not, which may cause such securities or industry analysts to cease publishing research or reports about us, or adversely change their recommendations regarding our ordinary shares, which may negatively impact the market price of our ordinary shares and volume of our stock trading; and (15) unpredictable outcomes resulting from our litigation activities and other disputes. Forward-looking and other statements in this report may also address our corporate sustainability or responsibility progress, plans, and goals (including environmental matters), and the inclusion of such statements is not an indication that these contents are necessarily material to investors or required to be disclosed in the Company's filings with the SEC. In addition, historical, current, and forward-looking sustainability-related statements may be based on standards for measuring progress that are still developing, internal controls and processes that continue to evolve, and assumptions that are subject to change in the future. A detailed discussion of these factors and other risks that affect our business is included in filings we make with the Securities and Exchange Commission ("SEC") from time to time, including our most recent report on Form 20-F, particularly under the heading "Risk Factors" and Form 6-K filings discussing our quarterly earnings results. Copies of these filings are available online from the SEC at www.sec.gov , or on the SEC Filings section of our Investor Relations website at https://corp.maxeon.com/investor-relations . All forward-looking statements in this press release are based on information currently available to us, and we assume no obligation to update these forward-looking statements in light of new information or future events. Use of Non-GAAP Financial Measures We present certain non-GAAP measures such as non-GAAP gross (loss) profit, non-GAAP operating expenses and earnings before interest, taxes, depreciation and amortization ("EBITDA") adjusted for stock-based compensation, provision for expected credit losses, restructuring charges and fees, remeasurement loss on prepaid forward, physical delivery forward and warrants, gain on extinguishment of debt and equity in income of unconsolidated investees and associated gains ("Adjusted EBITDA") to supplement our consolidated financial results presented in accordance with GAAP. Non-GAAP gross (loss) profit is defined as gross (loss) profit excluding stock-based compensation and restructuring charges and fees. Non-GAAP operating expenses is defined as operating expenses excluding stock-based compensation, provision for expected credit losses and restructuring charges and fees. We believe that non-GAAP gross (loss) profit, non-GAAP operating expenses and Adjusted EBITDA provide greater transparency into management's view and assessment of the Company's ongoing operating performance by removing items management believes are not representative of our continuing operations and may distort our longer-term operating trends. We believe these measures are useful to help enhance the comparability of our results of operations across different reporting periods on a consistent basis and with our competitors, distinct from items that are infrequent or not associated with the Company's core operations as presented above. We also use these non-GAAP measures internally to assess our business, financial performance and current and historical results, as well as for strategic decision-making and forecasting future results. Given our use of non-GAAP measures, we believe that these measures may be important to investors in understanding our operating results as seen through the eyes of management. These non-GAAP measures are neither prepared in accordance with GAAP nor are they intended to be a replacement for GAAP financial data, should be reviewed together with GAAP measures and may be different from non-GAAP measures used by other companies. As presented in the "Reconciliation of Non-GAAP Financial Measures" section, each of the non-GAAP financial measures excludes one or more of the following items in arriving to the non-GAAP measures: Stock-based compensation expense . Stock-based compensation relates primarily to equity incentive awards. Stock-based compensation is a non-cash expense that is dependent on market forces that are difficult to predict and is excluded from non-GAAP gross (loss) profit, non-GAAP operating expense and Adjusted EBITDA. Management believes that this adjustment for stock-based compensation expense provides investors with a basis to measure our core performance, including the ability to compare our performance with the performance of other companies, without the period-to-period variability created by stock-based compensation Provision for expected credit losses . This relates to the expected credit loss in relation to the financial assets under the Separation and Distribution Agreement dated November 8, 2019 (the "SDA") entered into with SunPower Corporation ("SunPower") in connection with the Company's spin-off from SunPower. Such loss is excluded from non-GAAP operating expense and Adjusted EBITDA as this relates to SunPower's business which Maxeon did not and will not have economic benefits to, as the Company's involvement is solely through SunPower's indemnification obligations set forth in the SDA. As such, management believes that this is not part of core operating activity and it is appropriate to exclude the provision for expected credit losses from our non-GAAP financial measures as it is not reflective of ongoing operating results nor do these charges contribute to a meaningful evaluation of our past operating performance. Restructuring charges and fees . We incur restructuring charges, inventory impairment and other inventory related costs associated with the re-engineering of our IBC capacity, and fees related to reorganization plans aimed towards realigning resources consistent with our global strategy and improving its overall operating efficiency and cost structure. Restructuring charges and fees are excluded from non-GAAP operating expenses and Adjusted EBITDA because they are not considered core operating activities. Although we have engaged in restructuring activities and initiatives, past activities have been discrete events based on unique sets of business objectives. As such, management believes that it is appropriate to exclude restructuring charges and fees from our non-GAAP financial measures as they are not reflective of ongoing operating results nor do these charges contribute to a meaningful evaluation of our past operating performance. Gain on extinguishment of debt . This relates to the gain that arose from the substantial modification in June 2024 of our Green Convertible Senior Notes due 2025 (the "2025 Notes") and First Lien Senior Secured Convertible Notes due 2027. Gain on debt extinguishment is excluded from Adjusted EBITDA because it is not considered part of core operating activities. Such activities are discrete events based on unique sets of business objectives. As such, management believes that it is appropriate to exclude the gain on extinguishment of debt from our non-GAAP financial measures as it is not reflective of ongoing operating results nor do these charges contribute to a meaningful evaluation of our past operating performance. Remeasurement loss (gain) on prepaid forward and physical delivery forward . This relates to the mark-to-market fair value remeasurement of privately negotiated prepaid forward and physical delivery transactions. The transactions were entered into in connection with the issuance on July 17, 2020 of the 2025 Notes for an aggregate principal amount of $200 million . The prepaid forward is remeasured to fair value at the end of each reporting period, with changes in fair value booked in earnings. The fair value of the prepaid forward is primarily affected by the Company's share price. The physical delivery forward was remeasured to fair value at the end of the note valuation period on September 29, 2020 , and was reclassified to equity after remeasurement, and will not be subsequently remeasured. The fair value of the physical delivery forward was primarily affected by the Company's share price. The remeasurement loss (gain) on prepaid forward and physical delivery forward is excluded from Adjusted EBITDA because it is not considered core operating activities. As such, management believes that it is appropriate to exclude the mark-to-market adjustments from our Adjusted EBITDA as it is not reflective of ongoing operating results nor do the loss contribute to a meaningful evaluation of our past operating performance. Remeasurement loss (gain) on warrants . This relates to the mark-to-market fair value remeasurement of the exchange warrants and investor warrants. The transactions were entered into in connection with the exchange of 99.25% of the 2025 Notes with aggregate notional amount of $200 million and the 9.00% Convertible First Lien Senior Secured Notes due 2029 of $97.5 million , both entered on June 20, 2024 . The investor warrants were remeasured to fair value prior to them being exercised and were reclassified to equity, and will not be subsequently remeasured. The exchange warrants were remeasured to fair value on September 12, 2024 , and were reclassified to equity after on such date, and will not be subsequently remeasured. The fair value of the warrants was primarily affected by the Company's share price. The remeasurement loss on warrants is excluded from Adjusted EBITDA because it is not considered a core operating activity. As such, management believes that it is appropriate to exclude the mark-to-market adjustments from our Adjusted EBITDA as it is not reflective of ongoing operating results nor do the loss contribute to a meaningful evaluation of our past operating performance. Equity in (income) losses of unconsolidated investees and related gains . This relates to the loss on our former unconsolidated equity investment Huansheng JV and gains on such investment on divestment. This is excluded from our Adjusted EBITDA financial measure as it is non-cash in nature and not reflective of our core operational performance. As such, management believes that it is appropriate to exclude such charges as they do not contribute to a meaningful evaluation of our performance. Reconciliation of Non-GAAP Financial Measures Three Months Ended (In thousands) September 29, 2024 June 30, 2024 October 1, 2023 Gross (loss) profit $ (179,101) $ (7,785) $ 2,728 Stock-based compensation 1,596 166 — Restructuring charges and fees 2,763 1,825 — Non-GAAP Gross (loss) profit (174,742) (5,794) 2,728 GAAP Operating expenses 153,218 61,670 66,562 Stock-based compensation (4,293) (5,070) (4,888) Reversal of (provision for) expected credit losses 165 (11,462) — Restructuring charges and fees (106,229) (4,958) (24,139) Non-GAAP Operating expenses 42,861 40,180 37,535 Net loss attributable to the stockholders (393,944) (34,231) (*) (108,257) Interest expense, net 11,784 14,064(*) 7,734 Provision for (benefit from) income taxes 18,925 3,212 (2,554) Depreciation 15,886 10,338 14,495 Amortization 169 220 38 EBITDA (347,180) (6,397) (88,544) Stock-based compensation 5,889 5,236 4,888 (Reversal of) provision for expected credit losses (165) 11,462 — Gain on extinguishment of debt — (35,326)(*) — Restructuring charges and fees 108,992 6,783 24,139 Remeasurement loss on prepaid forward 1,793 5,751 37,137 Remeasurement loss on warrants 4,966 — — Equity in (income) losses of unconsolidated investees and related gains — (24,083) 2,457 Adjusted EBITDA (225,705) (36,574) (19,923) (*) Reflects the correction of an error in the gain on extinguishment of debt reported in our second quarter Form 6-K, filed with the SEC on September 3, 2024, due to incorrect valuation methodology and assumptions used on the ratio of warrants to number of shares. The revised gain on extinguishment of debt should be $35.3 million instead of the previously reported $77.3 million. In addition, $24.8 million of warrants were erroneously classified as equity that should have been classified as liabilities, as the fixed-for-fixed criteria was not met until the three months ended September 29, 2024.Consequently, interest expense, net should be $14.1 million instead of $10.1 million as reported previously. Total effect on net loss attributable to the stockholders is $45.9 million. ©2024 Maxeon Solar Technologies, Ltd. All rights reserved. MAXEON is a registered trademark of Maxeon Solar Technologies, Ltd. Visit https://corp.maxeon.com/trademarks for more information. MAXEON SOLAR TECHNOLOGIES, LTD. CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) (In thousands, except for shares data) As of September 29, 2024 December 31, 2023 Assets Current assets: Cash and cash equivalents $ 51,223 $ 190,169 Restricted short-term marketable securities 1,399 1,403 Accounts receivable, net 18,625 62,687 Inventories 149,456 308,948 Prepaid expenses and other current assets 41,412 55,812 Total current assets $ 262,115 $ 619,019 Property, plant and equipment, net 138,707 280,025 Operating lease right of use assets 17,574 22,824 Other intangible assets, net 587 3,352 Other long-term assets 22,379 68,910 Total assets $ 441,362 $ 1,002,009 Liabilities and Equity Current liabilities: Accounts payable $ 116,161 $ 153,020 Accrued liabilities 78,654 113,456 Contract liabilities, current portion 31,841 134,171 Short-term debt 2,193 25,432 Convertible debt, current portion 801 — Operating lease liabilities, current portion 7,427 5,857 Total current liabilities $ 237,077 $ 431,936 Long-term debt 855 1,203 Contract liabilities, net of current portion 48,038 113,564 Operating lease liabilities, net of current portion 20,257 19,611 Convertible debt 286,971 385,558 Deferred tax liabilities 6,994 7,001 Other long-term liabilities 46,904 38,494 Total liabilities $ 647,096 $ 997,367 Commitments and contingencies Equity: Common stock, no par value (1,522,138,260 and 53,959,109 issued and outstanding as of September 29, 2024 and December 31, 2023, respectively) $ — $ — Additional paid-in capital 1,107,063 811,361 Accumulated deficit (1,304,415) (796,092) Accumulated other comprehensive loss (13,712) (16,378) Equity attributable to the Company (211,064) (1,109) Noncontrolling interests 5,330 5,751 Total equity (205,734) 4,642 Total liabilities and equity $ 441,362 $ 1,002,009 MAXEON SOLAR TECHNOLOGIES, LTD. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited) (In thousands, except per share data) Three Months Ended Nine Months Ended September 29, 2024 October 1, 2023 September 29, 2024 October 1, 2023 Revenue $ 88,560 $ 227,630 $ 460,235 $ 894,335 Cost of revenue 267,661 224,902 661,992 781,759 Gross (loss) profit (179,101) 2,728 (201,757) 112,576 Operating expenses: Research and development 8,962 11,627 28,284 35,715 Sales, general and administrative 38,296 31,771 126,330 97,291 Restructuring charges 105,960 23,164 108,942 23,307 Total operating expenses 153,218 66,562 263,556 156,313 Operating loss (332,319) (63,834) (465,313) (43,737) Other (expense) income, net Interest expense (12,170) (10,464) (36,302) (*) (32,337) Interest income 386 2,730 1,713 6,701 Gain on extinguishment of debt — — 35,326 (*) — Other, net (30,702) (36,904) (20,828) (7,911) Other expense, net (42,486) (44,638) (20,091) (33,547) Loss before income taxes and equity in losses of unconsolidated investees (374,805) (108,472) (485,404) (77,284) (Provision for) benefit from income taxes (18,925) 2,554 (23,340) (9,323) Equity in losses of unconsolidated investees — (2,457) — (2,811) Net loss (393,730) (108,375) (508,744) (89,418) Net (income) loss attributable to noncontrolling interests (214) 118 421 (77) Net loss attributable to the stockholders $ (393,944) $ (108,257) $ (508,323) $ (89,495) Net loss per share attributable to stockholders: Basic and diluted $ (0.47) $ (2.21) $ (1.63) $ (1.98) Weighted average shares used to compute net loss per share: Basic and diluted 832,620 48,925 311,441 45,157 (*) Reflects the correction of an error in the gain on extinguishment of debt reported in our second quarter Form 6-K, filed with the SEC on September 3, 2024, due to incorrect valuation methodology and assumptions used on the ratio of warrants to number of shares. The revised gain on extinguishment of debt should be $35.3 million instead of the previously reported $77.3 million. In addition, $24.8 million of warrants were erroneously classified as equity that should have been classified as liabilities, as the fixed-for-fixed criteria was not met until the three months ended September 29, 2024. Consequently, interest expense should be $14.6 million instead of $10.6 million as reported previously. Total effect on net loss attributable to the stockholders is $45.9 million. MAXEON SOLAR TECHNOLOGIES, LTD. CONDENSED CONSOLIDATED STATEMENTS OF EQUITY (unaudited) (In thousands) Shares Amount Additional Paid In Capital Accumulated Deficit Accumulated Other Comprehensive Loss Equity Attributable to the Company Noncontrolling Interests Total Equity Balance at December 31, 2023 53,959 $ — $ 811,361 $ (796,092) $ (16,378) $ (1,109) $ 5,751 $ 4,642 Net loss — — — (80,148) — (80,148) (56) (80,204) Issuance of common stock for stock-based compensation 725 — — — — — — — Recognition of stock-based compensation — — 7,027 — — 7,027 — 7,027 Other comprehensive income — — — — 1,019 1,019 — 1,019 Balance at March 31, 2024 54,684 $ — $ 818,388 $ (876,240) $ (15,359) $ (73,211) $ 5,695 $ (67,516) Net loss — $ — $ — $ (34,231) $ — $ (34,231) $ (579) $ (34,810) Issuance of common stock for stock-based compensation 201 — — — — — — — Issuance of common stock for settlement of obligation 821 4,140 — — 4,140 4,140 Recognition of stock-based compensation — — 5,865 — — 5,865 — 5,865 Other comprehensive loss — — — — (155) (155) — (155) Balance at June 30, 2024 55,706 — 828,393 * (910,471) * (15,514) (97,592) 5,116 (92,476) Net loss (income) — — — (393,944) — (393,944) 214 (393,730) Issuance of common stock, net of issuance cost 829,187 — 95,101 — — 95,101 — 95,101 Issuance of common stock for settlement of obligation 19,076 — 2,829 — — 2,829 — 2,829 Issuance of common stock for stock-based compensation 363 — — — — — — — Issuance of common stock through exercise of warrants 134,566 — 28,162 — — 28,162 — 28,162 Reclassification of warrants from liability to equity — 47,384 — — 47,384 — 47,384 Conversion of convertible debts to equity 483,240 — 100,463 — — 100,463 — 100,463 Recognition of stock-based compensation — — 4,731 — — 4,731 — 4,731 Other comprehensive income — — — — 1,802 1,802 — 1,802 Balance at September 29, 2024 1,522,138 — 1,107,063 (1,304,415) (13,712) (211,064) 5,330 (205,734) Shares Amount Additional Paid In Capital Accumulated Deficit Accumulated Other Comprehensive Loss Equity Attributable to the Company Noncontrolling Interests Total Equity Balance at January 1, 2023 45,033 $ — $ 584,808 $ (520,263) $ (22,108) $ 42,437 $ 5,633 $ 48,070 Net loss — — — 20,271 — 20,271 147 20,418 Issuance of common stock for stock-based compensation 377 — — — — — — — Distribution to noncontrolling interest — — — — — — — — Recognition of stock-based compensation — — 4,033 — — 4,033 — 4,033 Other comprehensive income — — — — 1,627 1,627 — 1,627 Balance at April 2, 2023 45,410 $ — $ 588,841 $ (499,992) $ (20,481) $ 68,368 $ 5,780 $ 74,148 Net (loss) income — — — (1,509) — (1,509) 48 (1,461) Issuance of common stock, net of issuance cost 7,120 — 193,491 — — 193,491 — 193,491 Issuance of common stock for stock-based compensation 116 — — — — — — — Recognition of stock-based compensation — — 6,980 — — 6,980 — 6,980 Other comprehensive loss — — — — (65) (65) — (65) Balance at July 2, 2023 52,646 — 789,312 (501,501) (20,546) 267,265 5,828 273,093 Net loss — — — (108,257) — (108,257) (118) (108,375) Issuance of common stock for stock-based compensation 134 — — — — — — Recognition of stock-based compensation — — 5,906 — — 5,906 — 5,906 Other comprehensive income — — — — 4,936 4,936 — 4,936 Balance at October 1, 2023 52,780 — 795,218 (609,758) (15,610) 169,850 5,710 175,560 (*) Reflects the correction of an error in the gain on extinguishment of debt reported in our second quarter Form 6-K, filed with the SEC on September 3, 2024, due to incorrect valuation methodology and assumptions used on the ratio of warrants to number of shares. The revised gain on extinguishment of debt should be $35.3 million instead of the previously reported $77.3 million. In addition, $24.8 million of warrants were erroneously classified as equity that should have been classified as liabilities, as the fixed-for-fixed criteria was not met until the three months ended September 29, 2024.Consequently, interest expense, net should be $14.1 million instead of $10.1 million as reported previously. Total effect on net loss attributable to the stockholders is $45.9 million. MAXEON SOLAR TECHNOLOGIES, LTD. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) (In thousands) Nine Months Ended September 29, 2024 October 1, 2023 Cash flows from operating activities Net loss $ (508,744) $ (89,418) Adjustments to reconcile net loss to operating cash flows Depreciation and amortization 37,162 43,579 Stock-based compensation 18,003 17,145 Non-cash interest expense 7,850 7,042 Gain on disposal of equity in unconsolidated investees (24,083) — Equity in losses of unconsolidated investees — 2,811 Deferred income taxes 17,710 (472) Loss on impairment of property, plant and equipment 157,673 442 Loss on impairment of operating lease right of use assets 7,432 — Loss on impairment of intangible assets 2,167 — Loss on impairment of goodwill 7,879 — Loss on disposal of property, plant and equipment 260 33 Write-off of other assets 21,401 — Gain on debt extinguishment (35,326) — Remeasurement loss on prepaid forward 16,082 8,570 Remeasurement loss on warrants 4,966 — Provision for (reversal of) expected credit losses 11,504 (208) Provision for (utilization of) inventory reserves 132,474 (1,351) Other, net 1,807 271 Changes in operating assets and liabilities Accounts receivable 35,132 (37,353) Inventories 23,953 (110,646) Prepaid expenses and other assets 1,139 5,498 Operating lease right-of-use assets 4,347 3,766 Advances to suppliers — 730 Accounts payable and other accrued liabilities (31,913) (52,808) Contract liabilities (167,670) 27,404 Operating lease liabilities (4,313) (2,917) Net cash used in operating activities (263,108) (177,882) Cash flows from investing activities Purchases of property, plant and equipment (48,052) (55,796) Proceeds from disposal of equity in unconsolidated investees 24,000 — Purchases of intangible assets (10) (136) Proceeds from maturity of short-term securities — 76,000 Purchase of short-term securities — (60,000) Purchase of restricted short-term marketable securities — (10) Proceeds from maturity of restricted short-term marketable securities — 971 Proceeds from disposal of property, plant and equipment 664 — Proceeds from disposal of asset held for sale 462 — Net cash used in investing activities (22,936) (38,971) Cash flows from financing activities Proceeds from debt 51,249 148,992 Repayment of debt (74,572) (175,942) Repayment of finance lease obligations (386) (477) Net proceeds from issuance and modification of convertible notes and warrants 71,418 — Net proceeds from issuance of common stock 97,270 193,531 Net cash provided by financing activities 144,979 166,104 Effect of exchange rate changes on cash, cash equivalents and restricted cash (94) 124 Net decrease in cash, cash equivalents and restricted cash (141,159) (50,625) Cash, cash equivalents and restricted cash, beginning of period 195,511 267,961 Cash, cash equivalents and restricted cash, end of period $ 54,352 $ 217,336 Non-cash transactions Property, plant and equipment purchases funded by liabilities $ 5,755 $ 10,158 Interest paid in shares 6,969 — Interest paid by issuance of convertible notes 7,977 — Right-of-use assets obtained in exchange for lease obligations 8,025 10,743 The following table reconciles our cash and cash equivalents and restricted cash reported on our Condensed Consolidated Balance Sheets and the cash, cash equivalents and restricted cash reported on our Condensed Consolidated Statements of Cash Flows as of September 29, 2024 and October 1, 2023 : (In thousands) September 29, 2024 October 1, 2023 Cash and cash equivalents $ 51,223 $ 208,100 Restricted cash, current portion, included in Prepaid expenses and other current assets 3,028 9,234 Restricted cash, net of current portion, included in Other long-term assets 101 2 Total cash, cash equivalents and restricted cash shown in Condensed Consolidated Statements of Cash Flows $ 54,352 $ 217,336 View original content to download multimedia: https://www.prnewswire.com/news-releases/maxeon-solar-technologies-announces-third-quarter-2024-financial-results-302324375.html SOURCE Maxeon Solar Technologies, Ltd. © 2024 Benzinga.com. 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TOMS River, N.J. (AP) — A U.S. senator has called for mysterious drones spotted flying over sensitive areas in New Jersey and other parts of the Mid-Atlantic region to be “shot down, if necessary,” even as it remains unclear who owns them. “We should be doing some very urgent intelligence analysis and take them out of the skies, especially if they’re flying over airports or military bases,” Sen. Richard Blumenthal of Connecticut said Thursday as concerns about the drones spread across Capitol Hill. People in the New York region are also concerned that the drones may be sharing airspace with commercial airlines, he said, demanding more transparency from the Biden administration. The White House said Thursday that a review of the reported sightings shows that many of them are actually manned aircraft being flown lawfully. White House National Security spokesman John Kirby said there were no reported sightings in any restricted airspace. He said the U.S. Coast Guard has not uncovered any foreign involvement from coastal vessels. “We have no evidence at this time that the reported drone sightings pose a national security or a public safety threat, or have a foreign nexus,” Kirby said, echoing statements from the Pentagon and New Jersey Gov. Phil Murphy. The drones appear to avoid detection by traditional methods such as helicopter and radio, according to a state lawmaker briefed Wednesday by the Department of Homeland Security. The FBI has been investigating and has asked residents to share any videos, photos or other information about the drones. On Wednesday, Pentagon spokeswoman Sabrina Singh said they are not U.S. military drones. The number of sightings has increased in recent days, though officials say many of the objects seen may have been planes rather than drones. It’s also possible that a single drone has been reported more than once. The worry stems partly from the flying objects initially being spotted near the Picatinny Arsenal, a U.S. military research and manufacturing facility, and over President-elect Donald Trump’s golf course in Bedminster. In a post on the social media platform X, Assemblywoman Dawn Fantasia described the drones as up to 6 feet (1.8 meters) in diameter and sometimes traveling with their lights switched off. Drones are legal in New Jersey for recreational and commercial use but are subject to local and Federal Aviation Administration regulations and flight restrictions. Operators must be FAA certified. Most, but not all, of the drones spotted in New Jersey were larger than those typically used by hobbyists. Sen. Cory Booker of New Jersey said he was frustrated by the lack of transparency, saying it could help spread fear or misinformation. “We should know what’s going on over our skies,” he said Thursday. Fantasia, a Morris County Republican, was among several lawmakers who met with state police and Homeland Security officials to discuss the sightings from the New York City area across New Jersey and westward into parts of Pennsylvania, including over Philadelphia. It is unknown at this time whether the sightings are related. Two Republican Jersey Shore-area congressmen, U.S. Reps. Chris Smith and Jeff Van Drew, say the military should shoot down the drones. Smith said a U.S. Coast Guard commanding officer briefed him on an incident over the weekend in which a dozen drones followed a motorized Coast Guard lifeboat “in close pursuit” near Barnegat Light and Island Beach State Park in Ocean County. Coast Guard Lt. Luke Pinneo on Wednesday told The Associated Press “that multiple low-altitude aircraft were observed in the vicinity of one of our vessels near Island Beach State Park.” Associated Press reporters Mark Scolforo in Harrisburg, Pennsylvania; and reporter Darlene Superville and videojournalists Serkan Gurbuz and Nathan Ellgren in Washington, D.C., contributed to this report. Copyright 2024 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed without permission. Get local news delivered to your inbox!Trump Jr. didn’t like Kimberly Guilfoyle’s ‘style,’ family happy to see her go, reports sayGLENDALE, Ariz. (AP) — Kyler Murray was driving to the Arizona Cardinals' practice facility Wednesday when he realized that it had been almost exactly two years since he tore the ACL in his right knee in a game against the New England Patriots. Then another thought crossed his mind: It was the Patriots who were coming to town this Sunday for the first time since the injury. “Yeah, it’s a little weird,” Murray said with a wry grin. "I will try not to have that happen again.” The injury on Dec. 12, 2022, cost Murray roughly 11 months of his career, but he has been healthy this season. And now the Cardinals (6-7) are clinging to playoff hopes when they host the Patriots (3-10) on Sunday. Both teams have lost three straight games. The Patriots are coming off their bye week and haven't played since a 25-24 loss to the Indianapolis Colts on Dec. 1. The Cardinals are trying to move past a brutal 30-18 loss to NFC West rival Seattle which knocked them into a tie for last place in the tightly packed division. Murray is coming off one of his worst games since the injury, throwing two interceptions that each eventually lead to touchdowns for Seattle. It was a rare blemish on an otherwise solid season — he has thrown for 2,862 yards, 15 touchdowns and eight interceptions. Now the Cardinals are pretty much in must-win territory. “For us, all we can do is control what we can control and that’s this weekend,” Murray said. "Today, tomorrow, go out there on Sunday and play good football.” Defending Drake The Cardinals' defense needs a better performance after giving up 409 total yards to Seattle last week, including 176 yards on the ground. Tightening against the run game is particularly important against New England's rookie quarterback Drake Maye, who's averaging 9.1 yards per rush on 38 attempts. The highest rushing average for an NFL quarterback in a single season is 8.5 by Michael Vick in 2006, when he had 123 rushing attempts for 1,039 yards with Atlanta. Maye's far from one-dimensional. He has thrown for at least 220 yards in each of the past three games, improving rapidly. The Patriots took Maye with the No. 3 overall pick out of North Carolina. “Yeah, I think he’s grown since he’s been playing,” coach Jonathan Gannon said. “I think he’s playing probably his best ball right now, probably just because of the experience. So definitely his skillset jumps out. You can see why he was taken so high. He’s a good player and he is ascending.” Strange development New England offensive lineman Cole Strange has a new haircut and could make his season debut, possibly at a new position. Strange, who usually sports curly locks, returned from the Patriots’ bye week with a buzz cut. It could coincide with a possible switch to center after he was activated this week, making him eligible to see his first game action since suffering a season-ending knee injury in 2023. A 2022 first-round pick, Strange started 10 games at left guard last season before being placed on injured reserve. Strange has been working at both left guard and center since he returned to practice Nov. 20 and could see his first NFL snaps at the latter position. Longtime Patriots center David Andrews had season-ending shoulder surgery in October. Ben Brown has started the last eight games at center. Playing spoiler Murray said the Cardinals can't take the Patriots lightly despite their mediocre record. He compared New England to where Arizona was at last season, when the team was out of the playoff race but playing some good football down the stretch. Murray was particularly complimentary of Patriots cornerback Christian Gonzalez, saying he was a “big fan.” Both players are Texas natives. “We were kind of in a similar situation as them, then went on the road to Pittsburgh, Philly and (won),” Murray said. "They’re going to come in here and play hard. We understand that and we have to be ready to go.” Future glimpse The Patriots have already been eliminated from playoff contention, but it didn’t stop Maye from spending part of his bye week watching matchups between teams that are still jockeying for postseason position. The reason? He wanted to get a glimpse — even if from afar — of the common traits of the teams still playing meaningful games at this time of the season. “Especially when you haven’t felt it,” Maye said. “I haven’t really experienced a playoff game. You always hear about what it’s been in the past here at the playoff games and the environment here in Gillette ... and watching Tom (Brady) and those guys duke it out. Those runs they had were special. I think you want that feeling and those guys in the locker room, some of them had it. A lot of us young guys haven’t.” Maye hopes it serves as motivation going forward. “I think we’re striving for that and can use these last four games as a challenge and as a step to, ‘Hey, what we have and what we got here on this team and who can help us and who can make some plays?’” he said. AP Sports Writer Kyle Hightower contributed to this story. AP NFL: https://apnews.com/hub/NFL

Yes, it's illegal to take pictures of a movie at the theatersThe latest development came hours after thousands of his supporters, defying government warnings, broke through a barrier of shipping containers blocking off Islamabad and entered a high-security zone, where they clashed with security forces, facing tear gas shelling, mass detentions and gunfire. Tension has been high in Islamabad since Sunday when supporters of the former PM began a “long march” from the restive north-west to demand his release. Khan has been in a prison for more than a year and faces more than 150 criminal cases that his party says are politically motivated. Khan’s wife, Bushra Bibi, led the protest, but she fled as police pushed back against demonstrators. Hundreds of Khan’s supporters are being arrested in the ongoing night-time operation. Interior minister Mohsin Naqvi told reporters that the Red Zone, which houses government buildings and embassies, and the surrounding areas have been cleared. Leaders from Khan’s Pakistan Tehreek-e-Insaf party, or PTI, have also fled the protest site. Earlier on Tuesday, Pakistan’s army took control of D-Chowk, a large square in the Red Zone, where visiting Belarusian President Alexander Lukashenko is staying. Since Monday, Mr Naqvi had threatened that security forces would use live fire if protesters fired weapons at them. “We have now authorised the police to respond as necessary,” Mr Naqvi said Tuesday while visiting the square. Before the operation began, protester Shahzor Ali said people had taken to the streets because Khan had called for them. “We will stay here until Khan joins us. He will decide what to do next,” Mr Ali said. Protester Fareeda Bibi, who is not related to Khan’s wife, said people have suffered greatly for the last two years. “We have really suffered for the last two years, whether it is economically, politically or socially. We have been ruined. I have not seen such a Pakistan in my life,” she said. Authorities have struggled to contain the protest-related violence. Six people, including four members of the security services, were killed when a vehicle rammed them on a street overnight into Tuesday. A police officer died in a separate incident. Dozens of Khan supporters beat a videographer covering the protest for the Associated Press and took his camera. He sustained head injuries and was treated in hospital. By Tuesday afternoon, fresh waves of protesters made their way unopposed to their final destination in the Red Zone. Mr Naqvi said Khan’s party had rejected a government offer to rally on the outskirts of the city. Information minister Atta Tarar warned there would be a severe government reaction to the violence. The government says only the courts can order Khan’s release. He was ousted in 2022 through a no-confidence vote in Parliament. In a bid to foil the unrest, police have arrested more than 4,000 Khan supporters since Friday and suspended mobile and internet services in some parts of the country. Messaging platforms were also experiencing severe disruption in the capital. Khan’s party relies heavily on social media and uses messaging platforms such as WhatsApp to share information, including details of events. The X platform, which is banned in Pakistan, is no longer accessible, even with a VPN. Last Thursday, a court prohibited rallies in the capital and Mr Naqvi said anyone violating the ban would be arrested. Travel between Islamabad and other cities has become nearly impossible because of shipping containers blocking the roads. All education institutions remain closed.

State Treasury chief of staff credits Tennessee Tech for road to success

The Parliamentary Budget Officer says the number of households in need is still rising even though Canada is spending billions of dollars a year to address housing affordability, A new report from the budget watchdog this morning says 2.4 million Canadian households are now in core housing need. That means they're living in unaffordable, unsuitable or inadequate housing. In 2017, Canada unveiled its national housing strategy to help improve access to affordable homes by 2027. But the PBO report says by then, another 200,000 households will be in housing need, largely because incomes haven't kept up with rising utility, rent, mortgage and property tax costs. The report does say without the government's initiatives, there would be about 78,000 more households in need of affordable homes. This report by The Canadian Press was first published Dec. 12, 2024. 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Sask. premier says collaboration needed to tackle border security and avoid Trump tariffs Saskatchewan Premier Scott Moe says an “all hands-on-deck approach” is needed to address border security concerns to avoid U.S. President-elect Donald Trump's tariff threat on products from Canada and Mexico. Northern Ontario BREAKING | Northern Ont. bank employee taken to hospital with serious injuries after shooting An employee at Northern Credit Union in Wawa, Ont., was taken to hospital with serious injuries after a shooter entered the branch and opened fire Thursday morning, the financial institution said in a statement. Stabbing in wooded area of Sudbury results in attempted murder charge Sudbury police have charged a man, 28, with attempted murder after a stabbing in wooded area off Leslie Street on Wednesday night. Ottawa has sold its stake in Air Canada: sources Two senior federal government sources have confirmed to CTV News that the federal government has sold its stake in Air Canada. London 'Music is good for the soul': A holiday concert warms spirits inside the Verspeeten Family Cancer Centre A holiday concert dubbed ‘Clinic Notes’ warmed hearts inside LHSC’s Verspeeten Family Cancer Centre today. The performance is put on by a group of clinicians, talented in medicine and music. Blizzard warning shuts down large parts of midwestern Ontario It was a day to stay home, if you could, across much of midwestern Ontario due to weather. 40 to 80 cm of snow in some areas: Blizzard and snow squall warnings up across the region Blizzard and snow squall warnings have rolled across much of southern Ontario – with up to 15 centimeters expected today, and blowing snow reducing visibility on roadways. Barrie Significant weather event declared in Owen Sound amid blizzard warning The City of Owen Sound has declared a significant weather event with the region under a blizzard warning on Thursday as lake-effect snow squalls hammer the area. Jack-knifed tractor-trailer in Gravenhurst as squalls continue A jack-knifed tractor-trailer caused lane closures along Highway 11 near Bethune Drive South in Gravenhurst. Teen arrested in connection to threat made toward high school: OPP Provincial police arrested a 17-year-old from Bolton accused of making a threat toward a local high school. Windsor Shots fired in South Windsor, one injured An investigation is underway after the Windsor Police Service said multiple shots were fired at a group of people in South Windsor. One injured in Windsor kitchen fire One person has been injured following a kitchen fire in Windsor. Woman charged after throwing pot of coffee in Chatham business: CKPS Chatham-Kent police charged a woman who allegedly threw a pot of coffee when asked to leave a business in Chatham. Vancouver Island Man charged after victim pinned to tree with vehicle in Victoria A 34-year-old man is facing multiple criminal charges after allegedly striking a man with his vehicle and pinning him against a tree in Victoria, causing serious injuries. Police say 42 vehicles vandalized in 'campaign of destruction' in Nanaimo, B.C. Mounties are investigating after more than 40 vehicles were vandalized in what police described as a "campaign of destruction" across Nanaimo, B.C. Crews search for missing skier at B.C. resort Police and rescue crews are searching for a man who was last seen boarding a ski lift at B.C.'s Sun Peaks Resort Tuesday. Kelowna Study of 2023 Okanagan wildfires recommends limiting development in high-risk areas A study into the devastating wildfires that struck British Columbia's Okanagan region in 2023 has recommended that government and industry limit development in high-fire-risk areas. Kelowna, B.C., to host the Memorial Cup in the spring of 2026 The Western Hockey League's Kelowna Rockets will host the Memorial Cup in the spring of 2026, the Canadian Hockey League said Wednesday. 545 vehicles impounded in 332 days: BC Highway Patrol pleads for drivers to slow down Mounties with the BC Highway Patrol in Kelowna say they've impounded more than 545 vehicles for excessive speed and aggressive driving so far this year. That works out to more than 1.6 per day. Lethbridge Lethbridge birthday present lands couple $M from $5 Set for Life ticket Some holiday seasons are merrier than others, and this one will be merrier than most for Lethbridge couple Catherine and Darcy Fritz after winning $1 million on a $5 Set for Life Scratch and Win ticket. Lethbridge post-secondary schools trying to help students manage exam stress Southern Alberta students are busy cramming for the final stretch of the exam season --and with all that extra work comes stress. LDE will continue to operate Agri-food Hub and Trade Centre, property tax increase deferred The Lethbridge and District Exhibition (LDE) will continue to operate the Agri-food Hub and Trade Centre for at least for the next two years. Sault Ste. Marie BREAKING | Northern Ont. bank employee taken to hospital with serious injuries after shooting An employee at Northern Credit Union in Wawa, Ont., was taken to hospital with serious injuries after a shooter entered the branch and opened fire Thursday morning, the financial institution said in a statement. Snow squall warnings in the Sault Ste. Marie area, up to 50 cm expected by Friday Snow squall warnings issued for the Sault Ste. Marie area off Lake Superior as 30 to 50 cm of snow is expected by Friday. Ontario man charged with sex trafficking underage girls from Sudbury, Kingston Two young girls, from Sudbury and Kingston, Ont., were rescued from sex trafficking in the GTA and their suspected abuser has been charged, but police fear there may be more victims. N.L. Quebec, Newfoundland and Labrador announce energy deal to resolve decades-old dispute Quebec and Newfoundland and Labrador have reached a sweeping deal to develop new energy projects in Labrador and end a decades-old contract that has long been a thorn in the side of Canada's easternmost province. Quebec and Newfoundland and Labrador expected to sign Churchill Falls energy deal Quebec Premier François Legault and Newfoundland and Labrador Premier Andrew Furey are scheduled to announce an energy agreement Thursday that could end decades of friction between the two provinces. Newfoundland towns light up harbours to honour fishers and pray for their safety On a twinkling wharf in a small Newfoundland town, a crowd of about 100 people stopped singing and chatting on Friday night to bow their heads in a moment of silence for local fish harvesters. Stay Connected