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id: 512, Created by Stan Vick, Scout
SUNL Unexpected Solar Installer Shut Down Case
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On September 28, 2022, Sunlight Financial Holdings Inc. (SUNL) announced that "an installer liquidity event and volatile interest rates will impact its full-year 2022 financial performance” and “as a result, the Company is withdrawing its previously-provided full-year 2022 outlook metrics.”
Further, the Company informed that “one of Sunlight’s largest solar installers has notified the Company that due to cash flow challenges, the installer is in the process of winding down its operations, likely restricting its ability to fully meet its financial obligations. As a result, Sunlight expects to impair $30 to $33 million in advances to that installer on the Company’s balance sheet as of September 30, 2022.”
On this news, SUNL stock plunged over 57.14% and the Company lost more than $118 million of its capitalization, seriously damaging investors.
As a result of appeared facts, Investors have reasons to suspect that the Company and its Leaders misled and made financial misrepresentations to their shareholders that consequently led to the depreciation of their holdings.
Failure to Disclose,
Shock Event Date
28 September 2022