RICHMOND, Calif., Nov. 27,
2023 /PRNewswire/ -- SunPower (NASDAQ:SPWR) received
on November 22, 2023, a notice (the
"Notice") from The Nasdaq Stock Market LLC ("Nasdaq") indicating
that, as a result of not having timely filed the Form 10-Q with the
SEC, the Company is not in compliance with Nasdaq Listing Rule
5250(c)(1) (the "Listing Rule"), which requires timely filing of
all required periodic financial reports with the SEC.
The Notice has no immediate effect on the listing or trading of
the Company's common stock on the Nasdaq.
The Notice indicated that the Company must submit a plan to
regain compliance with the Listing Rule within 60 calendar days
and, following receipt of such plan, Nasdaq may grant an extension
of up to 180 calendar days from the Form 10-Q due date, or until
May 20, 2024, for the Company to
regain compliance. On November 13,
2023, the Company filed a Notification of Late Filing on
Form 12b-25 indicating that it was unable, without unreasonable
effort or expense, to file its Quarterly Report on Form 10-Q for
the fiscal quarter ended October 1,
2023 (the "Form 10-Q") by the prescribed due date as a
result of the restatement of certain of the Company's financial
statements (the "Restatement"). The Restatement is more fully
described in the Company's Current Report on Form 8-K filed with
the SEC on October 24, 2023.
While the Company can provide no assurances as to timing, the
Company is working diligently to complete the Restatement and plans
to file the Form 10-Q as soon as practicable to regain compliance
with the Listing Rule.
The Company and Bank of America, N.A., the administrative agent
and collateral agent for the lenders (the "Agent") under the Credit
Agreement dated as of September 12,
2022 (as amended by the First Amendment, dated as of
January 26, 2023, the "Credit
Agreement"), among the Company, the subsidiaries party thereto, the
Agent and the lenders party thereto are currently negotiating the
terms and conditions of a consent and waiver, which is intended to
address, including without limitation, the effects of the
Restatement and failure to timely deliver the Form 10-Q to the
lenders under the Credit Agreement.
About SunPower
SunPower (NASDAQ:SPWR) is a leading residential solar, storage
and energy services provider in North America. SunPower offers
solar + storage solutions that give 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 "forward-looking statements" within
the meaning of the Private Securities Litigation Reform Act of
1995, including, but not limited to, statements regarding the
Company's ability to complete the filing of the Form 10-Q as soon
as practicably possible and regain compliance with Nasdaq listing
standards. These forward-looking statements are based on our
current assumptions, expectations, and beliefs and involve
substantial risks and uncertainties that may cause results to
materially differ from those expressed or implied by these
forward-looking statements. Such statements include, but are
not limited to, those related to the Company's ability to complete
the filing of the Form 10-Q within the anticipated time period; the
Company's ability to regain compliance with Nasdaq listing
standards; the time and effort required to complete the Restatement
of our financial statements; our ability to obtain waivers and
consents under our Credit Agreement, and the timing and outcome
thereof. Factors that could cause or contribute to such
differences include, but are not limited to, those related to the
Company's ability to complete the filing of the Form 10-Q within
the anticipated time period; the Company's ability to regain
compliance with Nasdaq listing standards; the time and effort
required to complete the Restatement of the Company's financial
statements; any subsequent discovery of additional adjustments to
the Company's previously issued financial statements; our ability
to obtain waivers and consents under our Credit Agreement, and the
timing and outcome thereof; our ability to comply with debt
covenants or cure any defaults; our ability to repay our
obligations as they come due; our ability to remediate the material
weakness related to the internal control over financial
reporting; and the risks and other important factors discussed
under the caption "Risk Factors" in the Company's Annual Report on
Form 10-K for the fiscal year ended January
1, 2023, and the Company's other filings with the Securities
and Exchange Commission (SEC). Copies of these filings are
available online from the SEC or on the SEC Filings section of our
Investor Relations website at investors.sunpowercorp.com. All
forward-looking statements in this press release are based on
information currently available to us, and we assume no obligation
to update these forward-looking statements in light of new
information or future events.
View original content to download
multimedia:https://www.prnewswire.com/news-releases/sunpower-receives-notification-of-deficiency-from-nasdaq-related-to-delayed-filing-of-quarterly-report-on-form-10-q-301998382.html
SOURCE SunPower Corp.