SunPower Corporation (NASDAQ: SPWR) stock jumped over 22% on Thursday after the company reported positive developments in talks with major financial partners.
SunPower (NASDAQ: SPWR), a leading residential solar technology company in North America, has secured additional financial support from key shareholders and waiver extensions from lenders Atlas (NYSE: ATCO) Securitized Products Holdings, L.P., and Bank of America. The extensions will enable SunPower to sustain its operations until February 16, 2024.
Moreover, the company has secured $20 million in financing from majority shareholders, namely TotalEnergies (EPA: TTEF) and Global Infrastructure Partners. This infusion of funds aims to provide SunPower with the financial flexibility to explore strategic options for establishing a sustainable long-term financial structure.
SunPower, renowned for its solar and energy storage solutions, is committed to bringing cost savings and energy independence to homeowners. Its products are designed to give consumers control over electricity usage and boost resilience during power outages.
SunPower (NASDAQ: SPWR) Stock Performance
SPWR stock soared 22.11% on Thursday. The traders had exchanged hands with 22,376,844 (22.37 million) shares compared to the average daily trading volume of 7.69 million.
Mary Lee is a freelance writer and journalist based in Toronto, Canada. She holds an M.S. degree in business and economic journalism from Columbia University’s Graduate School of Journalism in New York and a certificate in digital marketing from the University of Toronto.
