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sunpower stock price: SunPower stock fell 23% after continuing to raise doubts about its concerns.
SunPower said Monday that a violation of key terms of its credit agreement could force lenders to recall certain loans, sending its stock price down 23%, raising doubts about its ability to stay in business. The company said in a regulatory filing that its lenders could require immediate payment of $65.3 million in debt if it fails to file third-quarter results on time.
SunPower said it is currently negotiating with its lenders for a waiver, adding that if it fails to secure a waiver, it would not have sufficient funds for day-to-day operations.
However, Raymond James analyst Pavel Molchanov told Reuters that the company would have no problem obtaining a waiver because it was essentially a technical issue.
Earlier this month, the company was granted a waiver after breaching the terms of a larger credit agreement.
SunPower said in October that it would restate its financial statements for last year and the first and second quarters due to inventory valuation issues.