SunPower Faces Delisting from Nasdaq Amid Bankruptcy Filing

• SunPower faces delisting from Nasdaq after filing for Chapter 11 bankruptcy, selling assets to Complete Solaria Inc for $45 million.

SunPower, a US residential solar company, is set to delist from the Nasdaq stock exchange on August 16 after filing for Chapter 11 bankruptcy protection. The company received a notice from Nasdaq for failing to comply with listing rules and file periodic financial reports, leading to the delisting.

Following cost-cutting measures, SunPower submitted voluntary Chapter 11 petitions and agreed to sell its Blue Raven Solar business, New Homes business, and non-installing dealer network to Complete Solaria Inc for USD 45 million. The transaction is pending court approval and is expected to be completed in mid to late September.

Why is SunPower delisting from Nasdaq and filing for Chapter 11 bankruptcy?

• SunPower is delisting from Nasdaq and filing for Chapter 11 bankruptcy due to financial difficulties and non-compliance with listing rules.
  
• The company failed to file periodic financial reports, leading to the delisting from the stock exchange.
  
• SunPower is implementing cost-cutting measures and selling off some of its business units to Complete Solaria Inc for USD 45 million.
• The sale includes the Blue Raven Solar business, New Homes business, and non-installing dealer network, with the transaction pending court approval.
• The company expects the sale to be completed in mid to late September after receiving court approval.