SunPower Not in Compliance with NASDAQ Listing Rule

SunPower (NASDAQ: SPWR) recently announced that it has received a notice from the NASDAQ Stock Market LLC, indicating that the company is not in compliance with NASDAQ listing rule 5250(c)(1) due to the delayed filing of its quarterly report on Form 10-Q for the period ended March 31, 2024. The company filed a Form 12b-25 with the SEC on May 13, 2024, noting the delay in filing.

The notice from NASDAQ has no immediate effect on the listing or trading of SunPower's common stock. However, the company is required to submit a plan to regain compliance with the listing rule by May 20, 2024. Following the submission of the plan, NASDAQ may grant an extension of up to 180 calendar days from the due date of the annual report on Form 10-K for the period ended December 31, 2023, or until September 11, 2024, for the company to regain compliance.

SunPower has stated that it is working diligently to finalize the 2023 Form 10-K and Q1 2024 10-Q and plans to file these documents as soon as practicable to regain compliance with the listing rule.

SunPower is a leading residential solar, storage, and energy services provider in North America, offering solar + storage solutions aimed at giving customers control over electricity consumption and resiliency during power outages, while providing cost savings to homeowners. The market has reacted to these announcements by moving the company's shares -2.1% to a price of $2.76. For the full picture, make sure to review SunPower's 8-K report.

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