SunPower slides after pausing certain operations
18/07/2024 19:11
** Shares of solar company SunPower SPWR.O tumble 20.6% to
$2.0073
** Co informs its clients it will pause some operations,
including deactivating lease and power purchase agreements from
its own sales platform and halting new product shipments
** SPWR to stop countersigning new agreements and will be
unable to support installation services for shipments in transit
or already delivered, according to an online communication seen
by Reuters
** "We continue to dedicate our attention to address our
financial position and are actively working to navigate our
current challenges," SPWR told Reuters in a statement
** However, shares of peers Sunrun RUN.O and Sunnova
Energy NOVA.N are up 3.1% and 3.5%, respectively
** Including sessions' losses, stock is down 58.5% YTD
(Reporting by Vallari Srivastava in Bengaluru)
((Srivastava.Vallari@thomsonreuters.com;))