SunPower Receives Notification of Deficiency from Nasdaq Related to Delayed Filing of Quarterly Report on Form 10-Q for the period ended March 31, 2024

RICHMOND, Calif., May 20, 2024 /PRNewswire/ -- SunPower (NASDAQ:SPWR) received on May 17, 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 Securities and Exchange Commission (the "SEC"), as a result of not having timely filed its Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2024 (the "Q1 2024 10-Q") with the SEC, as described more fully in the Company's Notification of Late Filing on Form 12b-25 filed with the SEC on May 13, 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 by May 20, 2024 and, following receipt of such plan, Nasdaq may grant an extension of up to 180 calendar days from the due date of the Annual Report on Form 10-K for the period ended December 31, 2023 (the "2023 Form 10-K"), 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 2023 Form 10-K and Q1 2024 10-Q and plans to file the 2023 Form 10K and Q1 2024 10-Q as soon as practicable to regain compliance with the Listing Rule.

About SunPower

SunPower (NASDAQ:SPWR) is a leading residential solar, storage and energy services provider in North America. SunPower offers solar + storage solutions that give customers control over electricity consumption and resiliency during power outages while providing cost savings to homeowners. For more information, visit www.sunpower.com.

Forward-Looking Statements

This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, including, but not limited to, statements regarding the Company's ability to complete the filings of the 2023 Form 10K and Q1 2024 10-Q within a specific time period and the Company's ability to regain compliance with Nasdaq listing standards. These forward-looking statements are based on our current assumptions, expectations, and beliefs and involve substantial risks and uncertainties that may cause results to materially differ from those expressed or implied by these forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, those related to the Company's ability to complete the previously disclosed restatements of certain affected prior period financial statements and complete the filings of the Q1 2024 10-Q and the 2023 Form 10-K within the anticipated time period; the Company's ability to regain compliance with Nasdaq listing standards; legal proceedings or government investigations or enforcement actions relating to the restatement, as well as the potential for delisting; the Company's ability to realize the anticipated benefits of capital received and project financings; the Company's ability to comply with its financing agreements, including debt covenants or cure any defaults; the Company's ability to repay its obligations as they come due; the Company's liquidity, indebtedness, and ability to obtain additional financing for its projects and customers; challenges managing the Company's acquisitions, joint ventures, and partnerships, including its ability to successfully manage acquired assets and supplier relationships; the timing, execution and the ability to realize the anticipated benefits of any restructuring plans; the Company's ability to remediate the material weaknesses in internal control over financial reporting; and the risks and other important factors discussed under the caption "Risk Factors" in the Company's Annual Report on Form 10-K/A filed with the SEC on December 18, 2023 and the Company's other filings with the SEC. Copies of these filings are available online from the SEC or on the SEC Filings section of our Investor Relations website at investors.sunpowercorp.com. All forward-looking statements in this press release are based on information currently available to us, and we assume no obligation to update these forward-looking statements in light of new information or future events.

SOURCE SunPower Corp.