SINGAPORE, Sept. 20,
2024 /PRNewswire/ -- Maxeon Solar Technologies, Ltd.
(NASDAQ: MAXN) (the "Company"), a global leader in solar innovation
and channels, announced that on September
17, 2024, it received a Staff Determination letter (the
"Determination Letter") from the staff of the Listing
Qualifications Department (the "Staff") of the Nasdaq Stock Market
LLC ("Nasdaq") notifying the Company of the Staff's determination
to delist the Company's securities from The Nasdaq Global Select
Market pursuant to Nasdaq Listing Rule 5810(c)(3)(A)(iii) because,
as of September 16, 2024, the Company's securities had a closing
bid price of $0.10 or less for ten consecutive trading days.
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 US$1.00 per share minimum
bid price requirement as set forth by Nasdaq Listing Rule
5450(a)(1).
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.