SunPower Plunges on Default Risk and Going-Concern Warning
- Solar firm falls as much as 41%, the most in intraday trading
- Rooftop solar companies have struggled amid higher rates
SunPower shares have fallen 66% this year.
Photographer: David Paul Morris/BloombergThis article is for subscribers only.
SunPower Corp. plunged the most ever in intraday trading after it breached a credit agreement and said there is “substantial doubt” about its ability to continue operating.
Shares of the rooftop solar company slumped as much as 41%. SunPower, which is majority owned by French energy giant TotalEnergies SE, said a subsidiary defaulted under its credit agreement due to a delay in third-quarter financial statements, according to a filing Monday.