SunPower Corp (NASDAQ:SPWR) shares are trading lower Monday after the company said substantial doubt exists about its ability to continue as a going concern.

What To Know: In a new regulatory filing, SunPower said it has substantial doubts about its ability to continue as a going concern and noted that it breached credit agreement terms by delaying the filing of its quarterly financial results.

"Substantial doubt exists about our ability to continue as a going concern and if we are unable to continue our business, our common stock might have little or no value," the company said in a filing. 

The news comes after SunPower said in October that its audit committee determined that the company's full-year 2022 report and quarterly reports from the first and second quarters should no longer be relied upon.

SunPower said the delaying of its financial results for the third quarter could now cause the lender to call for immediate payment of approximately $65.3 million. 

Goldman Sachs analyst Brian Lee downgraded SunPower from Neutral to Sell on Monday and lowered the price target from $5 to $4.

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SPWR Price Action: SunPower shares were down 31.4% at $4.21 at the time of publication, according to Benzinga Pro.

Photo: Michael Pointner from Pixabay.