SunPower received a Nasdaq notice for late filing its 2024 Form 10-K, which was submitted on April 30, 2025.
Quiver AI Summary
SunPower, also known as Complete Solaria, Inc., announced that it received a deficiency notification from Nasdaq on April 28, 2025, due to the late filing of its Annual Report on Form 10-K for the fiscal year ending December 29, 2024. The Company explained that the delay was caused by extended auditing processes, which required significantly more time than usual. SunPower announced plans to submit the report by April 30, 2025, and successfully filed the 2024 Form 10-K, including its audited financial statements, on that date. CEO T.J. Rodgers stated that although the report was filed 16 days late, there are no penalties or adverse effects on shareholders. SunPower continues to operate as a prominent residential solar services provider in North America.
Potential Positives
- SunPower successfully filed its Annual Report on Form 10-K on April 30, 2025, demonstrating compliance with SEC requirements after a brief delay.
- The company emphasized the thoroughness of its year-end audit process, stating that it dedicated significantly more resources to ensure the accuracy of its financial reporting.
- CEO T.J. Rodgers clarified that there was no financial penalty or negative impact on shareholders due to the delay in filing the report.
- SunPower maintains its position as a leading residential solar services provider in North America, which positions it well for future growth in the renewable energy sector.
Potential Negatives
- The company received a deficiency notification from Nasdaq indicating non-compliance with listing rules, which may affect investor confidence.
- The delay in filing the Annual Report on Form 10-K raises concerns about the company's internal processes and oversight, as it required significantly more auditing hours than typical for similar companies.
- The CEO's acknowledgment of the deadline being missed and the need for extensive auditing raises questions about the company's operational efficiency and financial oversight, which could impact future investor perceptions.
FAQ
What deficiency notification did SunPower receive from Nasdaq?
SunPower received a deficiency notification from Nasdaq for not timely filing its 2024 Form 10-K.
When did SunPower file its 2024 Form 10-K?
SunPower filed its 2024 Form 10-K on April 30, 2025, after a delay.
What caused the delay in filing the 2024 Form 10-K?
The delay was due to the company requiring more time for its year-end audit and reporting process.
What actions did SunPower take after receiving the Nasdaq notice?
SunPower planned to file its 2024 Form 10-K promptly and successfully submitted it within the required timeline.
Will the filing delay have any impact on shareholders?
No, SunPower stated that there is no penalty for the delay and no impact on shareholders.
Disclaimer: This is an AI-generated summary of a press release distributed by GlobeNewswire. The model used to summarize this release may make mistakes. See the full release here.
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Full Release
OREM, Utah, May 02, 2025 (GLOBE NEWSWIRE) -- SunPower (aka Complete Solaria, Inc.) (“SunPower” or the “Company”) (Nasdaq: SPWR), today announced that it received an expected deficiency notification letter from the Listing Qualifications staff of The Nasdaq Stock Market LLC (“Nasdaq”) on April 28, 2025 (the "Notice"). The Notice indicated that the Company was not in compliance with Nasdaq Listing Rule 5250(c)(1) (the “Listing Rule”) because it did not timely file its Annual Report on Form 10-K for the annual period ended December 29, 2024 (the “2024 Form 10-K”). The Listing Rules require Nasdaq-listed companies to timely file all required periodic reports with the SEC. In accordance with Nasdaq’s listing rules, the Company had 60 calendar days after the Notice to submit a plan to regain compliance with the Listing Rule.
The Company's Form 12b-25 notice (the “Form 12b-25”) filed with the Securities and Exchange Commission (the "SEC") on March 31, 202 stated that the 2024 Form 10-K was delayed because the Company required more time to complete the procedures relating to its year-end audit and reporting process. The Company issued a further press release on April 19, 2025, stating its plan to file the 2024 Form 10-K on April 30, 2025. Subsequently, the Company filed the 2024 Form 10-K, including its audited financial statements, on April 30, 2025.
SunPower CEO, T.J. Rodgers said, “The legally required notice above can be simplified to ‘we filed our 10K (annual report) with the SEC 16 days late’ – on April 30, 2025, versus the April 14, 2025 deadline, triggering a Nasdaq warning to get the report filed – which has already happened. We and our independent auditors BDO knew of the deadline but needed to spend 14,000 hours of auditing time versus the typical 6,500 hours needed for a more mature company to get the 10K report done right. There is no penalty for the delay and no impact on shareholders.”
About the Company
The Company has become a leading residential solar services provider in North America. The Company’s digital platform and installation services support energy needs for customers wishing to make the transition to a more energy-efficient lifestyle. For more information visit
www.sunpower.com
.
Company Contact:
Sioban Hickie
VP Investor Relations
[email protected]
(801) 477-5847
Source: SunPower
