05:54 PM EDT, 08/12/2024 (MT Newswires) -- SunPower (SPWR) said late Monday the Nasdaq Stock Market decided to delist the company's common stock.

SunPower failed to demonstrate compliance with certain Nasdaq listing rules after the company and certain of its subsidiaries filed voluntary petitions for relief under Chapter 11 in the US Bankruptcy Court for the District of Delaware, as well as a rule requiring it to file periodic financial reports.

Trading in SunPower's common shares on the Nasdaq will be suspended Friday. The shares are expected to start trading on the Pink Open Market operated by the OTC Markets Group, the residential solar technology and energy services provider said.