Maxeon Solar Technologies to be Delisted from Nasdaq

TL;DR

Maxeon Solar (MAXN) is getting booted from Nasdaq, filing a 6-K on 9/20/24.

AI Summary

Maxeon Solar Technologies, Ltd. filed a Form 6-K on September 20, 2024, to report a notification of its impending delisting from the Nasdaq Stock Market. The company, previously known as Maxeon Solar Technologies, Pte. Ltd., is incorporated in Singapore and its principal executive offices are located in Marina Bay. This filing indicates a significant change in the company's public trading status.

Why It Matters

This delisting signifies a major shift for Maxeon Solar Technologies, potentially impacting its access to capital and investor base, and requiring investors to consider alternative trading venues or the implications of holding shares in a non-listed company.

Risk Assessment

Risk Level: high — Delisting from a major exchange like Nasdaq typically indicates significant financial distress or non-compliance, posing substantial risks to investors.

Key Players & Entities

• Maxeon Solar Technologies, Ltd. (company) — Registrant
• Nasdaq Stock Market (company) — Exchange from which the company is being delisted
• September 20, 2024 (date) — Filing date of the Form 6-K
• Maxeon Solar Technologies, Pte. Ltd. (company) — Former company name
• 001-39368 (dollar_amount) — SEC file number

FAQ

From the Filing

0001796898-24-000065.txt : 20240920 0001796898-24-000065.hdr.sgml : 20240920 20240920171301 ACCESSION NUMBER: 0001796898-24-000065 CONFORMED SUBMISSION TYPE: 6-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20240920 FILED AS OF DATE: 20240920 DATE AS OF CHANGE: 20240920 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Maxeon Solar Technologies, Ltd. CENTRAL INDEX KEY: 0001796898 STANDARD INDUSTRIAL CLASSIFICATION: SEMICONDUCTORS & RELATED DEVICES [3674] ORGANIZATION NAME: 04 Manufacturing IRS NUMBER: 000000000 STATE OF INCORPORATION: U0 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 6-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-39368 FILM NUMBER: 241314115 BUSINESS ADDRESS: STREET 1: 8 MARINA BOULEVARD #05-02 STREET 2: MARINA BAY FINANCIAL CENTRE CITY: MARINA BAY STATE: U0 ZIP: 018981 BUSINESS PHONE: 408.457.2302 MAIL ADDRESS: STREET 1: 8 MARINA BOULEVARD #05-02 STREET 2: MARINA BAY FINANCIAL CENTRE CITY: MARINA BAY STATE: U0 ZIP: 018981 FORMER COMPANY: FORMER CONFORMED NAME: Maxeon Solar Technologies, Pte. Ltd. DATE OF NAME CHANGE: 20191213 6-K 1 form6-knasdaqdelistingnoti.htm 6-K Document UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 6-K Report of Foreign Private Issuer Pursuant to Rule 13a-16 or 15d-16 of the Securities Exchange Act of 1934 Date of Report: September 2024 Commission File Number: 001-39368 MAXEON SOLAR TECHNOLOGIES, LTD. (Exact Name of registrant as specified in its charter) 8 Marina Boulevard #05-02 Marina Bay Financial Centre 018981, Singapore (Address of principal executive office) Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F: Form 20-F ☒ Form 40-F ☐ Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ☐ Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ☐ INFORMATION CONTAINED IN THIS FORM 6-K REPORT On September 20, 2024, Maxeon Solar Technologies Ltd. (the “Company”) issued a press release, a copy of which is furnished as Exhibit 99.1 to this Report on Form 6-K, announcing that it has received written delisting notification from the Listing Qualifications Department of the Nasdaq Stock Market LLC (“Nasdaq”). The information contained in this report is hereby incorporated by reference into the Company’s registration statements on Form F-3 (File No. 333-271971), Form F-3 (File No. 333-265253), Form F-3 (File No. 333-268309), Form S-8 (File No. 333-277501) and Form S-8 (File No. 333-241709), each filed with the Securities and Exchange Commission. \ EXHIBITS Exhibit Title 99.1 Press release of Maxeon Solar Technologies, Ltd., dated September 20, 2024 SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. MAXEON SOLAR TECHNOLOGIES, LTD. (Registrant) September 20, 2024 By: /s/ Kenneth Bryan Olson Kenneth Bryan Olson Interim Chief Financial Officer EX-99.1 2 a20240920exhibit991.htm EX-99.1 Document EXHIBIT 99.1 Nasdaq Notification SINGAPORE, September 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 $