SINGAPORE - Maxeon Solar Technologies, Ltd. (NASDAQ: MAXN), a solar energy company, disclosed on Tuesday that it has been notified by the Nasdaq Global Select Market of its non-compliance with the exchange's filing requirements. The notice, received on May 17, 2024, was issued because Maxeon Solar did not file its annual report for the fiscal year ending December 31, 2023, on time.
The company now has until July 16, 2024, to submit a plan to regain compliance and may be granted up to November 11, 2024, to do so if Nasdaq accepts this plan. Failure to have the plan accepted could lead to an appeal process before a Nasdaq hearings panel.
Despite the notice, there is no immediate impact on the trading of Maxeon Solar's ordinary shares on the market. The company has expressed its intention to file the overdue annual report before the compliance plan due date or to present a compliance plan by the deadline.
In related news, Maxeon Solar also announced the postponement of its financial results release for the fourth quarter of fiscal year 2023 and the first quarter of 2024. Originally scheduled for May 23, 2024, the release has been moved to May 30, 2024, to allow additional time for the preparation of annual and quarterly reports and to provide a comprehensive business update.
The earnings press release and supplemental financial information will be made available on Maxeon's Investor Relations website, and a conference call to discuss the results will take place on the same day.
Maxeon Solar Technologies, headquartered in Singapore, is known for its solar panels and energy solutions, which serve residential, commercial, and power plant customers. The company holds over 1,650 patents and has a network of more than 1,700 partners and distributors worldwide.
This article is based on a press release statement from Maxeon Solar Technologies.
InvestingPro Insights
As Maxeon Solar Technologies (NASDAQ: MAXN) faces compliance challenges with Nasdaq's filing requirements, investors may be considering the company's financial health and market performance. According to InvestingPro data, Maxeon Solar has a market capitalization of $143.03 million and is trading at a low revenue valuation multiple, which could indicate potential undervaluation relative to its sales.
Despite a revenue growth of 27.11% over the last twelve months as of Q1 2023, the company's gross profit margin remains thin at 12.14%, reflecting cost pressures or pricing challenges in its operations.
Investors should note that the stock has experienced significant price volatility recently, with a one-week total return of -21.47% but a strong return over the last month of 58.79%. This volatility is echoed in InvestingPro Tips, which highlight that the stock generally trades with high price volatility and has taken a substantial hit over various periods.
Moreover, analysts have revised their earnings upwards for the upcoming period, suggesting potential optimism about Maxeon's future performance despite the recent challenges.
For those looking to delve deeper into Maxeon Solar's financial metrics and stock performance, InvestingPro offers additional tips. There are 14 more InvestingPro Tips available, providing a more comprehensive analysis of the company's financial standing and market dynamics. Interested readers can access these insights and take advantage of the special offer using coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription.
As Maxeon Solar prepares to release its delayed financial reports, these insights could be crucial for investors to make informed decisions. The next earnings date is set for May 23, 2024, which will be a pivotal moment for the company to demonstrate progress and address investor concerns.
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