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SunPower | 8-K: Current report

SEC announcement ·  May 21 05:07
Summary by Futu AI
SunPower Corporation, a leading solar technology company, has received a notice from The Nasdaq Stock Market LLC on May 17, 2024, indicating non-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 had previously disclosed its inability to file the report by the prescribed due date, citing the need to restate its financial statements for several periods in 2023 due to identified misstatements. These misstatements involved issues such as improper capitalization of costs and incorrect classification of sales commissions. SunPower also acknowledged material weaknesses in its internal control over financial reporting. The company is required to submit a plan to regain compliance by May 20, 2024, and may be granted an extension until September 11, 2024, to file the necessary reports and rectify the issues. SunPower is working diligently to restate the affected financial statements and file the overdue reports as soon as practicable. The notice from Nasdaq does not immediately affect the trading of SunPower's common stock.
SunPower Corporation, a leading solar technology company, has received a notice from The Nasdaq Stock Market LLC on May 17, 2024, indicating non-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 had previously disclosed its inability to file the report by the prescribed due date, citing the need to restate its financial statements for several periods in 2023 due to identified misstatements. These misstatements involved issues such as improper capitalization of costs and incorrect classification of sales commissions. SunPower also acknowledged material weaknesses in its internal control over financial reporting. The company is required to submit a plan to regain compliance by May 20, 2024, and may be granted an extension until September 11, 2024, to file the necessary reports and rectify the issues. SunPower is working diligently to restate the affected financial statements and file the overdue reports as soon as practicable. The notice from Nasdaq does not immediately affect the trading of SunPower's common stock.
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