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Shares of
SunPower
were sinking Monday after the solar company issued a “going concern” warning on the heels of a potential default.
The stock was falling 32% to $4.16. The shares have tumbled 77% this year.
In a securities filing Monday, the company said earlier this month it became aware that it had breached a credit agreement when it delayed third-quarter financial results, which could result in a potential default.
“If the lenders under the Credit Agreement and the Atlas Credit Agreement were to demand immediate repayment, the Company would not have sufficient liquidity to meet its obligations and pay its liabilities arising from normal business operations when they come due,” according to the company’s latest 10-Q. “As such, substantial doubt exists about the Company’s ability to continue as a going concern.”
Barron’s has reached out to the company for additional comment.
Write to Emily Dattilo at emily.dattilo@dowjones.com
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