You do not have to buy what you own indirect with your CY shares. CY has a very high percentage of institutional investors and insiders also own a junk. I think they want to cash in on the SPWR success. Cy with its other operations is only a drag on this success.
I don't know either in which form they will spin it off but you will get about one third of the SPRW value either in a new company or in SPWR shares direct. At least this would be my guess.
The best of all world would be, if CY management could make the rest of CY stand on its own and make a profit. I have no opinion about that, but SPWR is hot.
Some say, it might be better to invest in SPWR direct. Maybe, but CY holds the majority of SPWR shares anyway and so the main decision power.
Disclosure: I am not that familiar with CY, but I do know from experts that SPWR has a very good solar product. Thin film is cheaper but no match in quality.
SPWR share price can only be explained and justified by the huge potential. That potential I believe is real.
We have to stop messing up this world and concentrate on renewable, non polluting energy. The US should put its entire weight behind this effort. I believe it is the most valuable and profitable effort available to us.