RICHMOND, Calif. – SunPower Corp (NASDAQ:), a North American residential solar, storage, and energy services provider, has been notified by Nasdaq of non-compliance with its Listing Rule due to a delay in filing its quarterly financial report. The notice, received on May 17, 2024, pertains to the company’s failure to file its Quarterly Report on Form 10-Q for the period ended March 31, 2024, in a timely manner.
The Nasdaq Listing Rule 5250(c)(1) requires listed companies to submit all required periodic financial reports to the Securities and Exchange Commission (SEC) promptly. SunPower disclosed the delay in a Notification of Late Filing on Form 12b-25 submitted to the SEC on May 13, 2024.
Despite the notice, there is no immediate impact on the trading of SunPower’s common stock on the Nasdaq. The company has been given until today to submit a plan to regain compliance. If Nasdaq accepts the plan, SunPower could be granted an extension until September 11, 2024, to file the delinquent reports and comply with the Listing Rule.
SunPower is actively working to finalize and file both the overdue Annual Report on Form 10-K for the year ended December 31, 2023, and the Q1 2024 10-Q. However, the company has not provided a definitive timeline for the completion of these filings.
This announcement is based on a press release statement from SunPower Corp. The company cautions that these are “forward-looking statements” and that there are risks and uncertainties that could cause actual outcomes to differ materially from those projected.
Factors that may affect the company’s ability to file the necessary reports and regain compliance include the completion of restatements of prior period financial statements and the resolution of any legal or regulatory proceedings related to the restatement.
SunPower emphasizes its commitment to addressing the issues raised and regaining compliance with Nasdaq listing standards as soon as practicable.
InvestingPro Insights
As SunPower Corp (NASDAQ:SPWR) navigates through its recent filing delays and the challenges that come with regaining compliance with Nasdaq’s Listing Rules, it’s important for investors to consider the company’s financial health and market performance. According to real-time data from InvestingPro, SunPower’s market capitalization stands at $494.85 million USD, reflecting the company’s current value in the eyes of investors.
InvestingPro data also reveals a negative Price-to-Earnings (P/E) ratio of -1.96, which…
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