SunPower (NASDAQ:SPWR) stock is falling on Tuesday after the solar power company notified investors of a delisting notice from the Nasdaq Exchange.
Shares of SPWR stock are facing delisting due to the company’s bankruptcy filing last week. On top of that, the company’s late financial filing is another reason for the delisting notice.
SunPower won’t be appealing this decision and its shares will be delisted from the Nasdaq Exchange on Aug. 16, 2024. The company notes that this will result in its shares moving to the Pink Open Market operated by the OTC Markets Group, Inc.
What This Means for SPWR Stock
With this change, investors won’t be able to trade shares of SPWR stock as easily. The move to the OTC Market also reduces the company’s exposure and could make it more difficult for it to obtain funding.
However, that’s unlikely to be a problem for SunPower. The company is already planning to wind down operations with its bankruptcy. It has also lined up a buyer for its assets. All of this points toward the end of the company and justifies the delisting of SPWR stock.
SPWR stock is down 10.1% as of Tuesday morning. Traders will also note the stock was down 95.9% year-to-date when markets closed on Monday.
Investors will want to stick around for more of the most recent stock market news.
We have all of the hottest market happenings traders need to know about on Tuesday! That includes everything happening with shares of Syros Pharmaceuticals (NASDAQ:SYRS) stock, CXApp (NASDAQ:CXAI) stock and Vicinity Motor (NASDAQ:VEV) stock today. You can read up on all of this news at the links below!
More Stock Market News for Tuesday
- Why Is Syros Pharmaceuticals (SYRS) Stock Down 62% Today?
- Why Is CXApp (CXAI) Stock Up 65% Today?
- Why Is Vicinity Motor (VEV) Stock Up 141% Today?
On Penny Stocks and Low-Volume Stocks: With only the rarest exceptions, InvestorPlace does not publish commentary about companies that have a market cap of less than $100 million or trade less than 100,000 shares each day. That’s because these “penny stocks” are frequently the playground for scam artists and market manipulators. If we ever do publish commentary on a low-volume stock that may be affected by our commentary, we demand that InvestorPlace.com’s writers disclose this fact and warn readers of the risks.
Read More: Penny Stocks — How to Profit Without Getting Scammed
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
On the date of publication, the responsible editor did not have (either directly or indirectly) any positions in the securities mentioned in this article.
