The Nasdaq Listing Qualifications Department said that it will delist Maxeon Solar Technologies from its top-tier Nasdaq Global Select Market. The Singapore-based PV module producer has responded by submitting a hearing request, which will automatically halt the delisting process until the hearing occurs.
According to a company statement, Nasdaq made the decision because Maxeon’s securities had a closing bid price of $0.10 or less for 10 consecutive trading days. However, the company said it believes that a reverse stock split announced in August could raise share prices above the threshold needed for the Global Select Market.
The company said that on Aug. 29, its shareholders approved consolidating every 100 existing ordinary shares into one share. The company’s board of directors is now taking steps to implement a reverse stock split, which it believes will raise the bid price above the $1.00 minimum requirement.
In a letter to investors accompanying the company’s second-quarter 2024 results, CEO Bill Mulligan said that Maxeon faces “significant market headwinds and uncertainties” due to competitive pressure, market demand, and project delays, among other factors.
“In addition to these broader challenges, we recently experienced Customs and Border Protection’s (CBP) first-ever detentions of our modules being imported into the US from our factories in Mexico to assess compliance with the Uyghur Forced Labor Prevention Act (UFLPA),” Mulligan said. “They have effectively stopped all of our shipments into the US, a market that accounted for over 60% of our second quarter revenue, and are causing intense pressure on the company’s revenue realization and cash flow.”
This content is protected by copyright and may not be reused. If you want to cooperate with us and would like to reuse some of our content, please contact: editors@pv-magazine.com.
By submitting this form you agree to pv magazine using your data for the purposes of publishing your comment.
Your personal data will only be disclosed or otherwise transmitted to third parties for the purposes of spam filtering or if this is necessary for technical maintenance of the website. Any other transfer to third parties will not take place unless this is justified on the basis of applicable data protection regulations or if pv magazine is legally obliged to do so.
You may revoke this consent at any time with effect for the future, in which case your personal data will be deleted immediately. Otherwise, your data will be deleted if pv magazine has processed your request or the purpose of data storage is fulfilled.
Further information on data privacy can be found in our Data Protection Policy.