Results for: SPWR

SunPower Corporation (SPWR) shares are plummeting after the company received a Nasdaq delisting notification. The delisting stems from SunPower’s inability to meet Nasdaq listing requirements following its Chapter 11 bankruptcy filing. Trading in SPWR will be suspended on August 16th, 2024, and the stock is expected to begin trading on the Pink Open Market. The news adds to SunPower’s recent struggles, as the solar company filed for bankruptcy last week and is in the process of selling off assets.

SunPower (SPWR) announced a restructuring plan to reduce operating costs, including workforce reductions, closures, and write-offs. CEO Tom Werner stated the measures are necessary to achieve financial viability and simplify operations. The company expects to incur $28 million in restructuring charges.