Cypress Ready to Price Sunpower IPO

Cypress Semiconductor (CY) announced a few more details about the initial public offering of its Sunpower division. The Sunpower division specializes in solar cells and panels. I believe the spinoff is worth at least $4 additional dollars per share for Cypress shareholders. Cypress looks to offer about 7.7 million shares priced between $12-$14 and will own 87% of the outstanding shares. The proposed ticker symbol is (SPWR) and will trade on the Nasdaq.

Note: I am long Cypress Jan 15 Calls