SunPower shares fell after doubts were raised about continuity

(Reuters) – SunPower said on Monday it had significant doubts about its ability to continue as a going concern, sending shares of the solar energy company down 25% in pre-market trading on Monday.

The company also said it violated the terms of the credit agreement due to the delay in submitting its quarterly results.

Earlier in October, SunPower revealed that it would restate its financials for the past fiscal year as well as the first and second quarters due to issues related to the evaluation of certain microinverter components at some third-party sites.

The lender may require immediate repayment of $65.3 million in outstanding loans, SunPower said in its filing.

“There is significant doubt about our ability to continue as a going concern, and if we are unable to continue our business, our common stock may have little or no value,” the company said.

(Reporting by Surasis Bose in Bengaluru; Editing by Anil D’Silva)

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