---
schema_version: "secwatch.filing_event.v1"
accession: "0001213900-24-034907"
form_type: "8-K"
ticker: "SPWR"
cik: "0001838987"
company_name: "SunPower Inc."
filed_at: "2024-04-22T23:59:59+00:00"
generated_at: "2026-06-03T14:21:12.942629+00:00"
event_type: "other_material"
sentiment: "negative"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

# Complete Solaria receives two Nasdaq deficiency notices; converts $5M SAFE into equity

## Summary
- Nasdaq notified bid price below $1.00 for 30 consecutive days; 180-day cure to Oct 14, 2024.
- Second notice for MVLS below $50M; same 180-day compliance period until Oct 14, 2024.
- Converted $1.5M and $3.5M SAFE investments into ~13.9M common shares at $0.36/share.
- Executive Chairman T.J. Rodgers is trustee of the purchasing trust, a related-party transaction.
- Company will monitor stock price and may evaluate a reverse stock split to regain compliance.

## SEC filing metadata
- accession: 0001213900-24-034907
- form_type: 8-K
- ticker: SPWR
- cik: 0001838987
- company_name: SunPower Inc.
- filed_at: 2024-04-22T23:59:59+00:00
- event_type: other_material
- sentiment: negative
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 1.01, 3.01, 3.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1838987/000121390024034907/0001213900-24-034907-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1838987/000121390024034907/ea0204357-8k_complete.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001213900-24-034907
- JSON: https://secwatch.observer/filing/0001213900-24-034907.json
- Plain text: https://secwatch.observer/filing/0001213900-24-034907.txt

## Key facts
- Listing & Compliance Notices
  SunPower Inc. received a nasdaq deficiency notice notice regarding minimum bid price (rules 5450(a)(1), 5810(c)(3)(A)).
  - Exchange: nasdaq
  - Notice: deficiency notice
  - Deficiency: minimum bid price
  - Rules: 5450(a)(1), 5810(c)(3)(A)
  source text: April 16, 2024, the Company received written notice (the “Notice”) from the Nasdaq Stock Market, LLC (“Nasdaq”) notifying the Company that it is not in compliance with the minimum bid price requirement set forth in Nasdaq Listing Rule 5450(a)(1) for continued listing on The Nasdaq Global Market. Nasdaq Listing Rule 5450(a)(1) requires listed securities to maintain a minimum bid price of $1.00 per share, and Listing Rule 5810(c)(3)(A) provides that a failure to meet the minimum bid price requirement exists if the deficiency continues for a period of 30 consecutive business days. The Notice does
  evidence_url: https://www.sec.gov/Archives/edgar/data/1838987/000121390024034907/0001213900-24-034907-index.htm
- Material Agreements
  SunPower Inc. amended Second SAFE Amendment with Rodgers Family Freedom and Free Markets Charitable Trust valued at $3,500,000 (effective 2024-04-21).
  - Action: amendment
  - Agreement: equity purchase
  - Counterparty: Rodgers Family Freedom and Free Markets Charitable Trust
  - Value: $3,500,000
  - Effective: 2024-04-21
  source text: On April 21, 2024, the Company entered into an amendment to a simple agreement for future equity, dated February 9, 2024, (the “Second SAFE Amendment” and together with the First SAFE Amendment, the “SAFE Amendments”) with Rodgers Family Freedom and Free Markets Charitable Trust in connection with the Purchaser investing $3,500,000 in the Company.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1838987/000121390024034907/0001213900-24-034907-index.htm
- Material Agreements
  SunPower Inc. amended First SAFE Amendment with Rodgers Massey Freedom and Free Markets Charitable Trust valued at $1,500,000 (effective 2024-04-21).
  - Action: amendment
  - Agreement: equity purchase
  - Counterparty: Rodgers Massey Freedom and Free Markets Charitable Trust
  - Value: $1,500,000
  - Effective: 2024-04-21
  source text: On April 21, 2024, Complete Solaria, Inc. (the “Company”) entered into an amendment to a simple agreement for future equity, dated January 31, 2024, (the “First SAFE Amendment”) with the Rodgers Massey Freedom and Free Markets Charitable Trust (the “Purchaser”) in connection with the Purchaser investing $1,500,000 in the Company.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1838987/000121390024034907/0001213900-24-034907-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.