RICHMOND, Calif., Aug. 12,
2024 /PRNewswire/ -- SunPower Corp. (the "Company" or
"SunPower"), a leading residential solar technology and energy
services provider, today announced that the Company received a
notice from the Nasdaq Stock Market LLC ("Nasdaq") that it has
determined to delist the Company's common stock on Nasdaq. The
delisting is a result of the Company's failure to demonstrate
compliance with Nasdaq Listing Rules 5101, 5110(b), and IM-5101-1
as a result of the Company and certain of its direct and indirect
subsidiaries filing voluntary petitions for relief under Chapter 11
of Title 11 of the United States Bankruptcy Code ("Chapter 11") in
the United States Bankruptcy Court
for the District of Delaware (the
"Court") and Nasdaq Listing Rule 5250(c)(1) for failure to file
periodic financial reports.
Trading in the Company's common stock on Nasdaq will be
suspended on August 16, 2024. As a
result, the Company's common stock is expected to commence trading
on the Pink Open Market operated by the OTC Markets Group, Inc.
(commonly referred to as the "pink sheets").
About SunPower
SunPower (NASDAQ:SPWR) is a leading
solar, storage and energy services provider in North America. SunPower offers solar + storage
solutions designed and warranted by one company that gives
customers control over electricity consumption and resiliency
during power outages while providing cost savings to homeowners.
For more information, visit www.sunpower.com.
Forward-Looking Statements
This press release contains
certain "forward-looking statements," including statements
regarding the delisting of the Company's common stock from Nasdaq
and trading in the Company's common stock on the Pink Open Market.
All statements other than statements of historical fact are
"forward-looking" statements for purposes of the U.S. federal and
state securities laws. These statements may be identified by the
use of forward-looking terminology such as "anticipate," "believe,"
"continue," "could," "estimate," "expect," "intend," "may,"
"might," "our vision," "plan," "potential," "preliminary,"
"predict," "should," "will," or "would" or the negative thereof or
other variations thereof or comparable terminology. These
forward-looking statements are subject to a number of factors and
uncertainties that could cause the Company's actual results to
differ materially from those expressed in or contemplated by the
forward-looking statements. Such factors include, but are not
limited to: risks attendant to the bankruptcy process, including
the Company's ability to obtain court approval from the Court with
respect to motions or other requests made to the Court throughout
the course of the Chapter 11 cases; the Company and its
subsidiaries ability to negotiate and confirm a sale of assets
under Section 363 of the Code; the effects of the Chapter 11 cases,
including increased legal and other professional costs necessary to
execute the Company's liquidation, on the Company's liquidity
(including the availability of operating capital during the
pendency of the Chapter 11 cases), results of operations or
business prospects; the effects of the Chapter 11 cases on the
interests of various constituents and financial stakeholders; the
length of time that the Company will operate under Chapter 11
protection and the continued availability of operating capital
during the pendency of the Chapter 11 cases; objections to the
Company's restructuring process or other pleadings filed that could
protract the Chapter 11 cases; risks associated with third-party
motions in the Chapter 11 cases; Court rulings in the Chapter 11
cases and the outcome of the Chapter 11 cases in general; the
Company's ability to comply with the restrictions imposed by the
terms and conditions of its financing arrangements; employee
attrition and the Company's ability to retain senior management and
other key personnel due to the distractions and uncertainties; the
Company's ability to maintain relationships with suppliers,
customers, employees and other third parties and regulatory
authorities as a result of the Chapter 11 cases; the impact and
timing of any cost-savings measures and related local law
requirements in various jurisdictions; finalization of the
Company's annual and quarterly financial statements; risks relating
to the delisting of the Company's common stock from Nasdaq and
future quotation of the common stock; the impact of litigation and
regulatory proceedings; the impact and timing of any cost-savings
measures; and other factors discussed in the Company's Annual
Report on Form 10-K/A filed with the U.S. Securities and Exchange
Commission (the "SEC"). These risks and uncertainties may cause the
Company's actual results, performance, liquidity or achievements to
differ materially from any future results, performance, liquidity
or achievements expressed or implied by these forward-looking
statements. For a further list and description of such risks and
uncertainties, please refer to the Company's filings with the SEC
that are available at www.sec.gov.
The Company cautions you that the list of important factors
included in the Company's SEC filings may not contain all of the
material factors that are important to you. In addition, in light
of these risks and uncertainties, the matters referred to in the
forward-looking statements contained in this press release may not
in fact occur. The Company undertakes no obligation to publicly
update or revise any forward-looking statement as a result of new
information, future events or otherwise, except as otherwise
required by law.
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SOURCE SunPower Corp.