Maxeon Receives Nasdaq Notification and is Proceeding with Approved Reverse Stock Split
Maxeon Solar Technologies (NASDAQ: MAXN) has received a Staff Determination letter from Nasdaq on September 17, 2024, notifying the company of potential delisting due to its closing bid price falling below $0.10 for ten consecutive trading days. In response, Maxeon has submitted a hearing request, which automatically stays any delisting action pending the hearing.
To address this issue, Maxeon's shareholders approved a reverse stock split on August 29, 2024, consolidating every 100 existing ordinary shares into one. The company's board is now taking steps to implement this split, which they believe will bring the bid price above Nasdaq's minimum requirement of $1.00 per share, as per Listing Rule 5450(a)(1).
Maxeon Solar Technologies (NASDAQ: MAXN) ha ricevuto una lettera di determinazione dal personale di Nasdaq il 17 settembre 2024, notificando all'azienda il potenziale delisting a causa del suo prezzo di offerta di chiusura che è sceso sotto i $0,10 per dieci giorni di trading consecutivi. In risposta, Maxeon ha presentato una richiesta di udienza, la quale sospende automaticamente qualsiasi azione di delisting in attesa dell'udienza.
Per affrontare questa situazione, gli azionisti di Maxeon hanno approvato un raggruppamento azionario inverso il 29 agosto 2024, consolidando ogni 100 azioni ordinarie esistenti in una sola. Il consiglio di amministrazione dell'azienda sta ora adottando misure per attuare questo raggruppamento, ritenendo che porterà il prezzo di offerta oltre il requisito minimo di Nasdaq di $1,00 per azione, secondo la Regola di quotazione 5450(a)(1).
Maxeon Solar Technologies (NASDAQ: MAXN) ha recibido una carta de determinación del personal de Nasdaq el 17 de septiembre de 2024, notificando a la empresa de un posible deslisting debido a que su precio de oferta de cierre ha caído por debajo de $0.10 durante diez días de negociación consecutivos. En respuesta, Maxeon ha presentado una solicitud de audiencia, que suspende automáticamente cualquier acción de deslisting hasta que se realice la audiencia.
Para abordar este problema, los accionistas de Maxeon aprobaron un splits de acciones inverso el 29 de agosto de 2024, consolidando cada 100 acciones ordinarias existentes en una sola. La junta directiva de la empresa está tomando actualmente medidas para implementar esta división, creyendo que llevará el precio de oferta por encima del requisito mínimo de Nasdaq de $1.00 por acción, según la Regla de cotización 5450(a)(1).
맥시온 솔라 테크놀로지스(NASDAQ: MAXN)는 2024년 9월 17일 나스닥으로부터 직원 결정 통지를 받았으며, 이는 회사의 종가가 10일 연속 $0.10 이하로 하락하여 잠재적인 상장 폐지 통지를 받았음을 의미합니다. 이에 따라 맥시온은 심리 요청서를 제출하였으며, 이는 심리 대기 중에 상장 폐지 조치를 자동으로 유예합니다.
이 문제를 해결하기 위해 맥시온의 주주들은 2024년 8월 29일 주식 병합을 승인하였으며, 이는 기존의 100주를 1주로 통합하는 것입니다. 현재 회사의 이사회는 이 병합을 시행하기 위한 조치를 취하고 있으며, 이는 나스닥의 최소 요구 사항인 주당 $1.00 이상으로 가격이 상승할 것으로 믿고 있습니다. 이는 상장 규칙 5450(a)(1)에 따른 것입니다.
Maxeon Solar Technologies (NASDAQ: MAXN) a reçu une lettre de détermination du personnel de Nasdaq le 17 septembre 2024, notifiant l'entreprise d'un éventuel retrait de la cote en raison de la baisse de son prix de clôture sous les $0,10 pendant dix jours de négociation consécutifs. En réponse, Maxeon a soumis une demande d'audience, qui suspend automatiquement toute action de retrait de la cote en attendant l'audience.
Pour remédier à ce problème, les actionnaires de Maxeon ont approuvé un rachat d'actions inversé le 29 août 2024, consolidant chaque 100 actions ordinaires existantes en une seule. Le conseil d'administration de l'entreprise prend actuellement des mesures pour mettre en œuvre ce rachat, estimant qu'il portera le prix de l'offre au-dessus de l'exigence minimale de Nasdaq de $1,00 par action, conformément à la règle de cotation 5450(a)(1).
Maxeon Solar Technologies (NASDAQ: MAXN) hat am 17. September 2024 ein Schreiben zur Mitarbeiterbestimmung von Nasdaq erhalten, in dem die potenzielle Delistung des Unternehmens aufgrund des Abschlusskurses, der zehn aufeinanderfolgende Handelstage unter $0,10 gefallen ist, mitgeteilt wird. Als Reaktion darauf hat Maxeon einen Antrag auf Anhörung eingereicht, der automatisch alle Delistungsmaßnahmen bis zur Anhörung aussetzt.
Um dieses Problem zu lösen, haben die Aktionäre von Maxeon am 29. August 2024 einen Aktienrücksplit genehmigt, bei dem jede 100 bestehenden Stammaktien zu einer einzigen konsolidiert werden. Der Vorstand des Unternehmens unternimmt nun Schritte zur Umsetzung dieses Splits, da er glaubt, dass der Kurs über die von Nasdaq vorgeschriebene Mindestanforderung von $1,00 pro Aktie steigen wird, gemäß der Listungsregel 5450(a)(1).
- Shareholders approved a reverse stock split to address low share price
- Company has submitted a hearing request to Nasdaq, staying any immediate delisting action
- Received Nasdaq delisting notification due to low share price
- Stock price fell below $0.10 for ten consecutive trading days
- Potential delisting from Nasdaq Global Select Market
Insights
Maxeon Solar Technologies faces a critical situation with the Nasdaq delisting threat. The $0.10 or less closing bid price for ten consecutive days signals severe investor skepticism. The approved 100-to-1 reverse stock split is a strategic move to artificially boost the share price above the
Maxeon's notification from Nasdaq highlights the regulatory challenges faced by underperforming stocks. The company's proactive steps—requesting a hearing and planning a reverse split—demonstrate compliance efforts with Nasdaq's listing requirements. The automatic stay on delisting action provides a critical window for Maxeon to rectify its situation. However, the reverse split is merely a technical solution and doesn't guarantee long-term compliance. Investors should note that while this buys time, it doesn't resolve underlying issues causing the low stock price. The company must now focus on substantive improvements to maintain its listing status post-split. This situation underscores the importance of ongoing compliance with exchange rules and the potential consequences of sustained poor stock performance.
On September 20, the Company submitted a hearing request through the Nasdaq Listing Center, which will automatically stay any delisting action or filing of the Form 25-NSE pending such hearing in accordance with Nasdaq Listing Rule 5815(a)(1).
On August 29, 2024, the shareholders of the Company at the Annual General Meeting of Shareholders approved by ordinary resolution the consolidation of every 100 existing issued ordinary shares (including treasury shares) into one ordinary share of the Company. The Company's board of directors is in the process of taking the necessary actions to implement a reverse stock split which the Company believes will bring the bid price for the Company's ordinary shares above the
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 1,900 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 about how Maxeon is Powering Positive Change™ visit us at www.maxeon.com, on LinkedIn and on Twitter/X @maxeonsolar.
Forward-Looking Statements
This press release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), including but not limited to, statements regarding the Company's anticipated outcome of the litigation. The forward-looking statements can be also identified by terminology such as "may," "might," "could," "will," "aims," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates" and similar statements.
These forward-looking statements are based on our current assumptions, expectations and beliefs and involve substantial risks and uncertainties that may cause results, performance or achievement to materially differ from those expressed or implied by these forward-looking statements. These statements are not guarantees of future performance and are subject to a number of risks. The reader should not place undue reliance on these forward-looking statements, as there can be no assurances that the plans, initiatives or expectations upon which they are based will occur. A detailed discussion of factors that could cause or contribute to such differences and other risks that affect our business is included in filings we make with the Commission from time to time, including our most recent report on Form 20-F, particularly under the heading "Risk Factors". Copies of these filings are available online from the SEC at www.sec.gov, or on the SEC Filings section of our Investor Relations website at https://corp.maxeon.com/investor-relations. All forward-looking statements in this press release are based on information currently available to us, and we assume no obligation to update these forward-looking statements in light of new information or future events.
©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.
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SOURCE Maxeon Solar Technologies, Ltd.
FAQ
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