SunPower Stock Plunges as It Warns That Debt Could Threaten Business Investopedia | Makemetechie.com Summary
- Bill McColl has 25+ years of experience as a senior producer and writer for TV, radio, and digital media leading teams of anchors, reporters, and editors in creating news broadcasts, covering some of the most notable news stories of the time..
- The company said that it breached a credit agreement when it didn't report third-quarter financial results on time, and creditors could demand immediate payment of the $65.3 million that's owed..
- That would mean SunPower "would not have sufficient liquidity to meet its obligations and pay its liabilities arising from normal business operations when they come due.".
- In October, SunPower announced that it would be restating financial results for 2022 and the first and second quarters of this year because of issues related to how its inventory was evaluated..
- Shares of SunPower Corp. (SPWR) plunged more than 30% as the solar power equipment and services provider warned that it may not be able to remain in business after failing to make payments on its debt..
- It said that management was "seeking additional waivers and evaluating various funding alternatives" to raise cash and address its liquidity needs..
SunPower Corp. shares plummeted more than 30% after the solar company warned that it could go out of business if creditors decide to demand immediate payment of its debt.The solar po [+1726 chars]