SINGAPORE, May 21, 2024
/PRNewswire/ -- Maxeon Solar Technologies, Ltd. (NASDAQ: MAXN) (the
"Company"), a global leader in solar innovation and channels,
announced that on May 17, 2024, it
received a notice of non-compliance (the "Notice") from the Nasdaq
Global Select Market ("Nasdaq") stating that the Company was not in
compliance with Nasdaq Listing Rule 5250(c)(1) ("Listing Rule")
because the Company did not timely file its annual report for the
fiscal year ended December 31, 2023 on Form 20-F (the "Annual
Report") with the Securities and Exchange Commission (the
"SEC").
The Notice indicated that, consistent with Nasdaq rules for
continued listing, the Company has 60 calendar days from the date
of the Notice, or until July 16,
2024, to submit to Nasdaq a plan to regain compliance with
the Nasdaq Listing Rules. If Nasdaq accepts the Company's plan,
Nasdaq may grant the Company an exception of up to 180 calendar
days from the due date of the Annual Report, or November 11, 2024, to regain compliance. If
Nasdaq does not accept the plan, the Company will have the
opportunity to appeal the decision to a hearings panel under Nasdaq
Listing Rule 5815(a).
The Notice has no immediate effect on the listing of the
Company's ordinary shares on the Nasdaq Capital Market. The Company
is working diligently to file the Annual Report before the
compliance plan is due on July 16,
2024, or alternatively, will submit to Nasdaq a plan to
regain compliance on or before July 16,
2024, as required by the Notice.
The Company today also announced it will postpone for a second
time the release of its Fourth Quarter, Fiscal Year 2023 and First
Quarter 2024 Financial Results, previously scheduled for
May 23, 2024 U.S. ET / May 23, Singapore Time, to May 30,
2024. The additional time is necessary to complete the
Company's preparation of its annual and quarterly reports and to
provide the market with a comprehensive business update.
The earnings press release and supplemental financial
information will be available on the Investor Relations section of
Maxeon's website
at: https://corp.maxeon.com/investor-relations. The Company
will also hold a conference call on May 30, 2024, at 8:00
AM U.S. ET / May 30, at 8:00 PM Singapore Time,
to discuss results and provide an update on the business.
The live conference call, participants must first
register here, where a dial-in number will be provided.
About Maxeon Solar Technologies
Maxeon Solar
Technologies (NASDAQ: MAXN) is Powering Positive Change™.
Headquartered in Singapore, Maxeon leverages over 35 years of
solar energy leadership and over 1,650 patents to design innovative
and sustainably made solar panels and energy solutions for
residential, commercial, and power plant customers. Maxeon's
integrated home energy management is a flexible ecosystem of
products and services, built around the award-winning
Maxeon® and SunPower® branded solar
panels. With a network of more than 1,700 trusted partners and
distributors, and more than one million customers worldwide, the
Company is a global leader in solar. For more information visit us
at www.maxeon.com, on LinkedIn and Twitter.
©2024 Maxeon Solar Technologies, Ltd. All Rights Reserved.
MAXEON is a registered trademark of Maxeon Solar Technologies, Ltd.
Visit https://corp.maxeon.com/trademarks for more
information.
Forward-Looking Statements
Some of the
statements contained in this press release include or may include
"forward-looking statements" within the meaning of Section 27A of
the Securities Act of 1933, as amended, and Section 21E of the
Exchange Act of 1934, as amended, which are intended to be covered
by the safe harbors created by those laws. These forward-looking
statements include, but are not limited to, statements regarding
the expectations, hopes, beliefs, intentions or strategies
regarding the future. The forward-looking statements contained in
this press release are based on current expectations and beliefs
concerning future developments and their potential effects on the
Company. There can be no assurance that future developments
affecting the Company will be those that we have anticipated. Where
a forward-looking statement expresses or implies an expectation or
belief as to future events or results, such expectation or belief
is expressed in good faith and believed to have a reasonable basis.
All statements other than statements of historical fact may be
forward-looking statements. The words "anticipate," "believe,"
"estimate," "expect," "intend," "forecast," "outlook," "aim,"
"target," "will," "could," "should," "may," "likely," "plan,"
"probably" or similar words may identify forward-looking
statements, but the absence of these words does not mean that a
statement is not forward-looking. Forward-looking statements
contained in this press release include, but are not limited to,
statements about the ability of the Company to comply with the
Nasdaq listing rules.
While forward-looking statements reflect the Company's good
faith beliefs, they are not guarantees of future performance. The
Company disclaims any obligation to publicly update or revise any
forward-looking statement to reflect changes in underlying
assumptions or factors, new information, data or methods, future
events or other changes after the date of this press release,
except as required by applicable law. For a further discussion of
these and other factors that could cause the Company's future
results, performance or transactions to differ significantly from
those expressed in any forward-looking statement, please see the
section "Risk Factors" of the Form 20-F most recently filed
by the Company with the SEC. You should not place undue reliance on
any forward-looking statements, which are based only on information
currently available to the Company.
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SOURCE Maxeon Solar Technologies, Ltd.