SunPower to delist from Nasdaq this week

US residential solar company SunPower (NASDAQ:SPWR), which last week filed for Chapter 11 bankruptcy protection, will cease the trading of its stock on the Nasdaq stock exchange on August 16.

The struggling company said on Monday it has received a notice from the Nasdaq Stock Market LLC about the forthcoming delisting after failing to comply with listing rules and file periodic financial reports. As a result, the company’s shares will be delisted from the Nasdaq bourse and start trading on the Pink Open Market operated by the OTC Markets Group Inc.

After significant cost-cutting measures, SunPower submitted voluntary Chapter 11 petitions in the US Bankruptcy Court for the District of Delaware and agreed with California-based Complete Solaria Inc (NASDAQ:CSLR) to buy its Blue Raven Solar business, New Homes business, and non-installing dealer network in a USD-45-million (EUR 41.2m) cash deal. Court approval is being sought to complete the transaction mid to late September.

(USD 1.0 = EUR 0.915)

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