Cypress Semiconductor finishes SunPower spinoff

The move by San Jose, Calif.-based Cypress reflect the company's efforts to streamline and focus on its core chip business, which has less buzz than solar power but higher profit margins.

Cypress distributed its entire holding of SunPower Class B common stock on Monday after the market closed.

Cypress had held more than 42 million shares of the Class B stock, which entitles the owner to eight votes per share. The Class A common stock gives owners one vote per share.

Cypress stockholders got .27426764 shares of the SunPower Class B stock for each share of Cypress common stock they held.

As a result of the spinoff, Cypress no longer has the right to appoint a representative to serve on each committee of SunPower's board of directors.

Cypress shares finished Tuesday's regular trading session at $5.22. The stock price had been adjusted for the spinoff and wasn't directly comparable to the previous day's trading, when it closed at $19.52.

SunPower's Class B shares closed Tuesday at $69.05. Its Class A shares closed at $70.93.