SunPower receives notice of deficiency from Nasdaq on delayed annual report

SunPower (SPWR) announced that it received an expected deficiency notification letter from the Listing Qualifications staff of The Nasdaq Stock Market on April 28, 2025. The Notice indicated that the Company was not in compliance with Nasdaq Listing Rule 5250(c)(1) because it did not timely file its Annual Report on Form 10-K for the annual period ended December 29, 2024. The Listing Rules require Nasdaq-listed companies to timely file all required periodic reports with the SEC. In accordance with Nasdaq’s listing rules, the Company had 60 calendar days after the Notice to submit a plan to regain compliance with the Listing Rule. The Company’s Form 12b-25 notice filed with the Securities and Exchange Commission on March 31, 202 stated that the 2024 Form 10-K was delayed because the Company required more time to complete the procedures relating to its year-end audit and reporting process. The Company issued a further press release on April 19, 2025, stating its plan to file the 2024 Form 10-K on April 30, 2025. Subsequently, the Company filed the 2024 Form 10-K, including its audited financial statements, on April 30, 2025.