SunPower (aka Complete Solaria, Inc.) Receives Notice of Deficiency from Nasdaq Related to Delayed Filing of Annual Report on Form 10-K
SunPower (CSLR) received a deficiency notice from Nasdaq on April 28, 2025, for failing to file its 2024 Form 10-K annual report by the original deadline of April 14, 2025. The company subsequently filed the report on April 30, 2025, addressing the compliance issue. CEO T.J. Rodgers explained that the delay was due to extended audit procedures, requiring 14,000 hours of auditing time compared to the typical 6,500 hours needed for more mature companies. The company emphasized that there are no penalties for the delay and no impact on shareholders.
SunPower (CSLR) ha ricevuto un avviso di carenza da Nasdaq il 28 aprile 2025, per non aver presentato il rapporto annuale 2024 Form 10-K entro la scadenza originale del 14 aprile 2025. Successivamente, la società ha depositato il rapporto il 30 aprile 2025, risolvendo la questione di conformità. Il CEO T.J. Rodgers ha spiegato che il ritardo è stato causato da procedure di audit prolungate, che hanno richiesto 14.000 ore di revisione rispetto alle 6.500 ore tipiche necessarie per aziende più mature. L'azienda ha sottolineato che non ci sono sanzioni per il ritardo e nessun impatto sugli azionisti.
SunPower (CSLR) recibió un aviso de deficiencia de Nasdaq el 28 de abril de 2025 por no presentar su informe anual 2024 Formulario 10-K antes de la fecha límite original del 14 de abril de 2025. Posteriormente, la compañía presentó el informe el 30 de abril de 2025, resolviendo el problema de cumplimiento. El CEO T.J. Rodgers explicó que el retraso se debió a procedimientos de auditoría extendidos, que requirieron 14,000 horas de auditoría en comparación con las 6,500 horas típicas necesarias para empresas más maduras. La empresa enfatizó que no hay penalizaciones por el retraso ni impacto en los accionistas.
SunPower (CSLR)는 2025년 4월 28일, 2024년 Form 10-K 연례 보고서를 원래 마감일인 2025년 4월 14일까지 제출하지 않아 Nasdaq으로부터 결함 통지를 받았습니다. 이후 회사는 2025년 4월 30일에 보고서를 제출하여 규정 준수 문제를 해결했습니다. CEO T.J. Rodgers는 지연이 감사 절차가 연장되어 통상 6,500시간이 소요되는 성숙한 기업 대비 14,000시간의 감사 시간이 필요했기 때문이라고 설명했습니다. 회사는 지연에 대한 벌금이 없으며 주주에게도 영향이 없음을 강조했습니다.
SunPower (CSLR) a reçu un avis de manquement de la part de Nasdaq le 28 avril 2025, pour ne pas avoir déposé son rapport annuel 2024 Formulaire 10-K avant la date limite initiale du 14 avril 2025. L'entreprise a ensuite déposé le rapport le 30 avril 2025, réglant ainsi le problème de conformité. Le PDG T.J. Rodgers a expliqué que le retard était dû à des procédures d'audit prolongées, nécessitant 14 000 heures d'audit contre 6 500 heures typiques pour des entreprises plus matures. La société a souligné qu'il n'y avait aucune pénalité pour ce retard et aucun impact sur les actionnaires.
SunPower (CSLR) erhielt am 28. April 2025 eine Mängelmitteilung von Nasdaq, da der Jahresbericht 2024 Form 10-K nicht bis zur ursprünglichen Frist am 14. April 2025 eingereicht wurde. Das Unternehmen reichte den Bericht anschließend am 30. April 2025 ein und behebe damit das Compliance-Problem. CEO T.J. Rodgers erklärte, dass die Verzögerung auf verlängerte Prüfungsverfahren zurückzuführen sei, die 14.000 Prüfungsstunden erforderten, verglichen mit den üblichen 6.500 Stunden bei reiferen Unternehmen. Das Unternehmen betonte, dass es keine Strafen für die Verzögerung gibt und keine Auswirkungen auf die Aktionäre bestehen.
- None.
- Failed to meet Nasdaq's filing deadline for 2024 Form 10-K annual report
- Required more than double the typical auditing hours (14,000 vs 6,500) indicating potential complexity or issues in financial reporting
- Company demonstrated lack of maturity in financial reporting processes compared to established companies
Insights
SunPower received a Nasdaq deficiency notice for late 10-K filing but already resolved it with no penalties or shareholder impact.
SunPower's announcement addresses a routine regulatory notification from Nasdaq that has already been resolved. The company received a deficiency notice on April 28, 2025, for not filing its 2024 Annual Report (Form 10-K) by the April 14 deadline. However, SunPower subsequently filed the required document on April 30, 2025, just two days after receiving the notice and well within Nasdaq's 60-day remediation window.
According to the press release, the delay occurred because the company "required more time to complete the procedures relating to its year-end audit and reporting process." CEO T.J. Rodgers provided additional context, noting that the audit required approximately 14,000 hours compared to the 6,500 hours typically needed for "a more mature company."
From a regulatory perspective, this matter appears to be fully resolved. The press release explicitly states there is "no penalty for the delay and no impact on shareholders." The quick filing after receiving the notice indicates the company was already in the final stages of completing its annual report when the deficiency notification was issued.
This type of notification is a standard Nasdaq procedure when listed companies miss filing deadlines. The fact that SunPower has already submitted the required documentation means they have addressed the compliance concern raised in the notice.
Annual Report on Form 10-K Filed on April 30, 2025
OREM, Utah, May 02, 2025 (GLOBE NEWSWIRE) -- SunPower (aka Complete Solaria, Inc.) (“SunPower” or the “Company”) (Nasdaq: SPWR), today announced that it received an expected deficiency notification letter from the Listing Qualifications staff of The Nasdaq Stock Market LLC (“Nasdaq”) on April 28, 2025 (the "Notice"). The Notice indicated that the Company was not in compliance with Nasdaq Listing Rule 5250(c)(1) (the “Listing Rule”) because it did not timely file its Annual Report on Form 10-K for the annual period ended December 29, 2024 (the “2024 Form 10-K”). The Listing Rules require Nasdaq-listed companies to timely file all required periodic reports with the SEC. In accordance with Nasdaq’s listing rules, the Company had 60 calendar days after the Notice to submit a plan to regain compliance with the Listing Rule.
The Company's Form 12b-25 notice (the “Form 12b-25”) filed with the Securities and Exchange Commission (the "SEC") on March 31, 202 stated that the 2024 Form 10-K was delayed because the Company required more time to complete the procedures relating to its year-end audit and reporting process. The Company issued a further press release on April 19, 2025, stating its plan to file the 2024 Form 10-K on April 30, 2025. Subsequently, the Company filed the 2024 Form 10-K, including its audited financial statements, on April 30, 2025.
SunPower CEO, T.J. Rodgers said, “The legally required notice above can be simplified to ‘we filed our 10K (annual report) with the SEC 16 days late’ – on April 30, 2025, versus the April 14, 2025 deadline, triggering a Nasdaq warning to get the report filed – which has already happened. We and our independent auditors BDO knew of the deadline but needed to spend 14,000 hours of auditing time versus the typical 6,500 hours needed for a more mature company to get the 10K report done right. There is no penalty for the delay and no impact on shareholders.”
About the Company
The Company has become a leading residential solar services provider in North America. The Company’s digital platform and installation services support energy needs for customers wishing to make the transition to a more energy-efficient lifestyle. For more information visit www.sunpower.com.
Company Contact:
Sioban Hickie
VP Investor Relations
IR@sunpower.com
(801) 477-5847
Source: SunPower
FAQ
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