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SunPower Corporation shares are trading lower Tuesday. The company announced it received a Nasdaq delisting notification on Monday.
The Details:
The delisting is a result of SunPower’s failure to demonstrate compliance with Nasdaq Listing Rules after filing voluntary petitions for relief under Chapter 11 of Title 11 of the United States Bankruptcy Code and failure to file periodic financial reports.
Trading in the company’s stock on Nasdaq will be suspended on Aug. 16, 2024. As a result, the company’s common stock is expected to commence trading on the Pink Open Market, commonly referred to as the “pink sheets."
Read Next: BuzzFeed Stock Soars After Q2 Results: Here’s Why
Last week, the struggling solar company filed for Chapter 11 bankruptcy in the U.S. Bankruptcy Court for the District of Delaware and disclosed an asset purchase agreement with Complete Solaria, Inc. in which Complete Solaria will acquire SunPower's Blue Raven Solar business, New Homes business, and non-installing Dealer network.
Should I Sell My SPWR Stock?
Whether to sell or hold a stock largely depends on an investor's strategy and risk tolerance. Swing traders may sell an outperforming stock to lock in a capital gain, while long-term investors might ride out the turbulence in anticipation of further share price growth.
Similarly, traders willing to minimize losses may sell a stock that falls a certain percentage, while long-term investors may see this as an opportunity to buy more shares at a discounted price.
Shares of SunPower have lost 97.55% year to date. This compares to the average annual return of -79.35%, meaning the stock has underperformed its historical averages. Investors can compare a stock's movement to its historical performance to gauge whether this is a normal movement or a potential trading opportunity.
Investors may also consider market dynamics. The Relative Strength Index can be used to indicate whether a stock is overbought or oversold. SunPower stock currently has an RSI of 8.05, indicating oversold conditions.
For analysis tools, charting data and access to exclusive stock news, check out Benzinga PRO. Try it for free.
SPWR Price Action: According to Benzinga Pro, SunPower shares are down 13% at 17 cents at the time of publication Tuesday.
Read Also:
Image: Shutterstock
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
SunPower 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 stock, CXApp stock and Vicinity Motor stock today. You can read up on all of this news at the links below!
More Stock Market News for Tuesday
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.
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.
More from InvestorPlace
It’s time to dive into the biggest pre-market stock movers for Tuesday as we check out all of the hottest news moving shares this morning.
Moving stocks are several new deals, delisting notices and more.
Let’s get into that news below!
Biggest Pre-Market Stock Movers: 10 Top Gainers
10 Top Losers
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.
More from InvestorPlace
Shares of Rumble Inc. rose sharply in today's pre-market trading following better-than-expected second-quarter financial results.
Rumble reported second-quarter revenue of $22.5 million, up 27% sequentially. The revenue figure beat a Street consensus estimate of $19.69 million, according to data from Benzinga Pro. The company reported a loss of 13 cents per share, which beat a Street consensus estimate of a loss of 15 cents per share.
Rumble shares jumped 7.1% to $6.16 in pre-market trading.
Here are some other stocks moving in pre-market trading.
Gainers
Losers
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© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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