(Image by Markus Spiske from Pixabay.)
SunPower, a residential solar technology and energy services provider, announced it received a notice from the Nasdaq indicating that the company is not in compliance with a Nasdaq listing rule after a delay in filing a form.
Nasdaq Listing Rule 5250(c)(1) requires timely filing of all required periodic financial reports with the SEC. Since SunPower did not timely file the Form 10-K with the SEC, it received the notice.
The notice has no immediate effect on the listing or trading of the company’s common stock on the Nasdaq, but the composite requires companies who receive deficiency notices to make a public announcement disclosing that they received the notice, as well as the rule(s) upon which the notice was based.
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-K due date, or until September 11, 2024, for the company to regain compliance.
SunPower has also been grappling with debt problems and a CEO shakeup. In February, the company announced that CEO Peter Faricy had departed the company effective February 26, 2024, with the board conducting a search process to identify a perma
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