- SunPower (CSLR, Financial) received a Nasdaq deficiency notice for late filing of its 2024 Form 10-K.
- The delayed filing, submitted on April 30, 2025, was due to extended audit procedures requiring 14,000 hours.
- There are no penalties for the delay, and no impact on shareholders has been reported.
SunPower, operating under the name Complete Solaria, Inc. (CSLR), received a deficiency notice from Nasdaq on April 28, 2025, for not filing its 2024 Form 10-K annual report by the April 14 deadline. The company addressed the compliance issue by filing the required document on April 30, 2025, well within the 60-day remediation window provided by Nasdaq.
The delay in filing was attributed to extended audit procedures, requiring an extensive 14,000 hours of auditing time, significantly higher than the typical 6,500 hours needed for more mature companies. CEO T.J. Rodgers highlighted that this was due to the company's need to meticulously complete its year-end audit and reporting process. Despite the delay, the company emphasized that no penalties would be incurred and there would be no impact on shareholders.
This notification from Nasdaq follows standard procedure for listed companies that miss filing deadlines. With the subsequent filing of the annual report, SunPower has effectively addressed and resolved the compliance concern raised by Nasdaq.
