SunPower Corp shares slid 35% to $3.93 in early-afternoon trading on Monday after the rooftop solar company revealed in a regulatory filing that lenders may demand immediate debt payment of $65.3 million after SunPower failed to file its third-quarter financial results on time.
The company noted it is currently in talks with the lenders for a waiver but warned it would not have sufficient funds to maintain its day-to-day operations should an agreement not be reached.
SunPower is majority owned by French energy giant TotalEnergies SE (NYSE:TOT, EPA:TTE).
The higher interest rate environment has hurt home solar companies as rising borrowing costs have made it more expensive for customers to pay for solar panels, according to Bloomberg.