Associated tags: Electricity, SunPower
Locations: PENNSYLVANIA, UNITED STATES, AMERICAS, TEXAS, NY, NC, FREMONT, CA, US, LOS ANGELES, NEW YORK, SAN DIEGO, BOSTON, MA, ATLANTA, GA, SEATTLE, WA, MASSACHUSETTS, COLORADO, MARYLAND, NEVADA, DELAWARE, CALIFORNIA, FLORIDA, NORTH AMERICA
Former Attorney General of Louisiana, Charles C. Foti, Jr., Esq., a partner at the law firm of Kahn Swick & Foti, LLC (“KSF”), announces that KSF has commenced an investigation into SunPower Corporation (NasdaqGS: SPWR).
Key Points:
- Former Attorney General of Louisiana, Charles C. Foti, Jr., Esq., a partner at the law firm of Kahn Swick & Foti, LLC (“KSF”), announces that KSF has commenced an investigation into SunPower Corporation (NasdaqGS: SPWR).
- KSF’s investigation is focusing on whether SunPower’s officers and/or directors breached their fiduciary duties to its shareholders or otherwise violated state or federal laws.
- About Kahn Swick & Foti, LLC
KSF, whose partners include former Louisiana Attorney General Charles C. Foti, Jr., is one of the nation’s premier boutique securities litigation law firms.
- KSF has offices in New York, Delaware, California, Louisiana and New Jersey.
RICHMOND, Calif., March 21, 2024 /PRNewswire/ -- SunPower (NASDAQ:SPWR) received on March 20, 2024, a notice (the "Notice") from The Nasdaq Stock Market LLC ("Nasdaq") indicating that the Company is not in compliance with Nasdaq Listing Rule 5250(c)(1) (the "Listing Rule"), which requires timely filing of all required periodic financial reports with the SEC, as a result of not having timely filed the Form 10-K with the SEC, as described more fully in the Company's Notification of Late Filing on Form 12b-25 filed with the SEC on February 29, 2024.
Key Points:
- RICHMOND, Calif., March 21, 2024 /PRNewswire/ -- SunPower (NASDAQ:SPWR) received on March 20, 2024, a notice (the "Notice") from The Nasdaq Stock Market LLC ("Nasdaq") indicating that the Company is not in compliance with Nasdaq Listing Rule 5250(c)(1) (the "Listing Rule"), which requires timely filing of all required periodic financial reports with the SEC, as a result of not having timely filed the Form 10-K with the SEC, as described more fully in the Company's Notification of Late Filing on Form 12b-25 filed with the SEC on February 29, 2024.
- The Notice has no immediate effect on the listing or trading of the Company's common stock on the Nasdaq.
- 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.
- While the Company can provide no assurances as to timing, the Company is working diligently to finalize the Form 10-K and plans to file the Form 10-K as soon as practicable to regain compliance with the Listing Rule.
RICHMOND, Calif., March 14, 2024 /PRNewswire/ -- SunPower Corp. (NASDAQ:SPWR) a leading residential solar technology and energy services provider, today announced the appointment of residential solar and home energy veteran, Tony Garzolini, as Executive Vice President and Chief Revenue Officer (CRO). In this role, Tony will oversee sales, including the Direct, Dealer and New Homes channels, along with pricing and demand generation.
Key Points:
- RICHMOND, Calif., March 14, 2024 /PRNewswire/ -- SunPower Corp. (NASDAQ:SPWR) a leading residential solar technology and energy services provider, today announced the appointment of residential solar and home energy veteran, Tony Garzolini, as Executive Vice President and Chief Revenue Officer (CRO).
- "SunPower made great strides to improve our financial footing and we remain laser focused on achieving profitability and cash flow generation.
- As a part of this imperative, we're pleased to welcome Tony back to SunPower as our first Chief Revenue Officer," said Tom Werner, Executive Chairman of the Board and Principal Executive Officer of SunPower.
- "I'm eager to work with SunPower's leadership and sales teams, alongside our Dealer Network, as we lead SunPower into its next chapter."
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Thursday, February 22, 2024
Spirit AeroSystems,
Spirit,
Grant,
U.S. Cellular,
Nature,
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Telephone,
SunPower,
Microvast,
LLP,
Defendant,
Telephone and Data Systems,
Boeing 737 MAX,
Insurance Johnson Fistel, LLP is investigating potential claims on behalf of Microvast Holdings, Inc. against certain of its officers and directors.
Key Points:
- Johnson Fistel, LLP is investigating potential claims on behalf of Microvast Holdings, Inc. against certain of its officers and directors.
- Johnson Fistel, LLP is investigating potential claims on behalf of SunPower Corporation against certain of its officers and directors.
- Johnson Fistel, LLP is investigating potential claims on behalf of Telephone and Data Systems, Inc. against certain of its officers and directors.
- Johnson Fistel, LLP is investigating potential claims on behalf of Spirit AeroSystems Holdings, Inc. against certain of its officers and directors.
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Thursday, February 29, 2024
RICHMOND, Calif., Feb. 29, 2024 /PRNewswire/ -- SunPower Corp. (NASDAQ:SPWR), (the "Company" or "SunPower"), a leading residential solar technology and energy services provider, today announced that it filed a Form 12b-25 with the Securities and Exchange Commission to provide notice of the delayed filing of its Annual Report on Form 10-K ("Form 10-K") for the fiscal year ended December 31, 2023.
Key Points:
- RICHMOND, Calif., Feb. 29, 2024 /PRNewswire/ -- SunPower Corp. (NASDAQ:SPWR), (the "Company" or "SunPower"), a leading residential solar technology and energy services provider, today announced that it filed a Form 12b-25 with the Securities and Exchange Commission to provide notice of the delayed filing of its Annual Report on Form 10-K ("Form 10-K") for the fiscal year ended December 31, 2023.
- SunPower requires additional time to complete its financial statements included in the Company's Form 10-K.
- Filing a Form 12b-25 will provide the Company with an automatic extension of fifteen additional calendar days to file the Form 10-K, which is due on February 29, 2024.
- SunPower expects to file the Form 10-K as soon as practicable.
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Tuesday, February 27, 2024
RICHMOND, Calif., Feb. 27, 2024 /PRNewswire/ -- SunPower Corp. (NASDAQ: SPWR), (the "Company" or "SunPower"), a leading residential solar technology and energy services provider, today announced that Chief Executive Officer (CEO) Peter Faricy has departed the Company, effective February 26, 2024. The Board is conducting a comprehensive search process to identify a permanent CEO. Until a successor is named, the Board has established an Office of the Chairman, led by Tom Werner, Executive Chairman of the Board and newly appointed Principal Executive Officer; and includes Elizabeth Eby, Chief Financial Officer; Eileen Evans, Chief Legal Officer; and other key members of the Executive Leadership Team.
Key Points:
- RICHMOND, Calif., Feb. 27, 2024 /PRNewswire/ -- SunPower Corp. (NASDAQ: SPWR), (the "Company" or "SunPower"), a leading residential solar technology and energy services provider, today announced that Chief Executive Officer (CEO) Peter Faricy has departed the Company, effective February 26, 2024.
- The Board is conducting a comprehensive search process to identify a permanent CEO.
- "Over the past three years, SunPower has made strides toward expanding the footprint of residential solar, capturing a market-leading position in the new homes business and expanding consumer financing for solar through SunPower Financial.
- He brings valuable institutional knowledge from his nearly 18 years of service as the Company's CEO and Chairman of the Board.
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Friday, February 23, 2024
RICHMOND, Calif., Feb. 23, 2024 /PRNewswire/ -- SunPower Corp. (NASDAQ:SPWR), (the "Company" or "SunPower"), a leading residential solar technology and energy services provider, today announced that it has secured over $300 million in project financing commitments from funds managed by Apollo (NYSE: APO) (the "Apollo Funds"), ATLAS SP Partners, ("ATLAS SP") and Hannon Armstrong Sustainable Infrastructure Capital, Inc. (NYSE: HASI) ("HASI") for its residential solar and storage lease programs, which will be paid upon installation. The transaction supports SunPower's ability to offer a variety of attractive financing options to its customers, advancing its mission to change the way our world is powered.
Key Points:
- "SunPower's financing agnostic model is a differentiator in the industry and gives customers the ability to choose the best financing product for their needs," said Peter Faricy, SunPower CEO.
- This includes amendments to its existing first lien financing and a second lien term loan from Sol Holding LLC.
- Since 2010, SunPower has provided solar lease financing options to customers through its network of residential solar dealers across the U.S., new home builders where the company holds a market-leading position and direct sales teams.
- SunPower lease contracts made up 73% of SunPower Financial originated volume in the fourth quarter of 2023 compared to 26% in the fourth quarter of 2022.
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Tuesday, February 20, 2024
RICHMOND, Calif., Feb. 20, 2024 /PRNewswire/ -- SunPower Corp. (NASDAQ:SPWR) a leading residential solar technology and energy services provider, today announced Tom Werner as Executive Chairman of the Board, effective Feb. 19, 2024.
Key Points:
- RICHMOND, Calif., Feb. 20, 2024 /PRNewswire/ -- SunPower Corp. (NASDAQ:SPWR) a leading residential solar technology and energy services provider, today announced Tom Werner as Executive Chairman of the Board, effective Feb. 19, 2024.
- "As we move forward into our next era and navigate this critical moment for our industry, we are pleased to welcome Tom Werner back to SunPower," said Peter Faricy, SunPower's CEO.
- Werner previously served as SunPower's CEO and Chairman of the Board for nearly 18 years.
- Before joining SunPower, Werner was CEO at Silicon Light Machines, Inc., an optical solutions subsidiary of Cypress Semiconductor Corporation.
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Thursday, February 15, 2024
"With the recent infusion of capital, SunPower is focused on driving positive free cash flow and profitability," said Peter Faricy, SunPower CEO.
Key Points:
- "With the recent infusion of capital, SunPower is focused on driving positive free cash flow and profitability," said Peter Faricy, SunPower CEO.
- "This is a new opportunity for SunPower to reinforce our strong foundation as we continue to navigate an uncertain market in early 2024.
- With this funding and industry tailwinds of extended tax credits and lower equipment costs, we believe SunPower is positioned to execute on maximizing the value proposition of solar and storage for our customers."
- We will provide additional guidance later in the year, after we assess the implications of the recapitalization and restructuring."
Retrieved on:
Thursday, February 15, 2024
RICHMOND, Calif., Feb. 15, 2024 /PRNewswire/ -- SunPower Corp. (NASDAQ: SPWR) (the "Company" or "SunPower"), a leading residential solar technology and energy services company, today announced that it has raised $175 million in capital financing through a second lien term loan from Sol Holding, LLC ("Sol Holding"), the Company's majority shareholder and an indirect subsidiary of TotalEnergies and Global Infrastructure Partners. The $175 million term loan includes $45 million previously funded to the Company in December and January, $80 million in new investment, and a $50 million second tranche that is available to be borrowed upon the satisfaction of certain conditions. In connection with the Second Lien Credit Agreement, the Company agreed to issue penny warrants to Sol Holding to purchase up to approximately 41.8 million shares of the Company's common stock with an additional 33.4 million of warrants issued if the $50 million second tranche of the term loan is drawn. This funding positions the Company to navigate current industry headwinds and further reinforce its foundation for a more sustainable, resilient and agile business.
Key Points:
- Together, these actions provide the Company with up to $155 million of additional liquidity.
- "With this injection of additional liquidity and working capital to our balance sheet, coupled with substantial cost reductions, SunPower is taking positive steps to position itself to succeed in 2024 and beyond."
- SunPower will discuss its full year and fourth quarter 2023 financial results on Thursday, Feb. 15 at 8 a.m.
- Analysts intending to participate in the Q&A session must register for a personal link and dial-in at: https://register.vevent.com/register/BI49f0f6c1dcda48db936395f3333e1574 .
