SunPower Shares Up 20% on Financing Commitments, Waiver Extensions

By Josh Beckerman

Shares of SunPower rose 20% after it received commitments for $20 million in financing from shareholders TotalEnergies and Global Infrastructure Partners and waiver extensions under two credit agreements until Feb. 16.

The stock was recently at $3.63 and is down about 80% over the last 52 weeks.

The solar energy company will "continue discussions with key financial partners as it evaluates all strategic alternatives toward a long-term financial solution."

SunPower's delay in third-quarter financials resulted in covenant breaches. In October, SunPower said it would restate certain financial results. SunPower said in December that there was substantial doubt about its ability to continue as a going concern.

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(END) Dow Jones Newswires

02-01-24 1256ET