SunEdison Inc. on Wednesday said it is again delaying the filing of its annual report, citing in part the discovery of "material weaknesses in its internal controls over financial reporting."
Shares in the solar-energy company, which have lost 67% over the past three months and 91% over the past year, slid another 16% to $1.73 in premarket trading. The delay comes a week after Vivint Solar Inc. terminated its merger agreement with SunEdison.
The company, whose deadline to file its 10-K was previously extended to March 15, didn't give a new target date.
SunEdison said the material weaknesses primarily result from "deficient information technology controls in connection with newly implemented systems." The company said additional procedures are necessary to complete the annual financial statements.
SunEdison had said in a regulatory filing earlier this month it would delay its 2015 earnings report while its board investigates claims from a former and a current employee challenging the accuracy of the company's financial disclosures.
TerraForm Power, one of two yieldco companies majority owned by Maryland Heights-based renewable energy developer SunEdison Inc., has been notified by Nasdaq that the company is not in compliance with the stock market’s rules after it failed to file its annual report in a timely fashion.
Nasdaq rules require companies to file annual reports, known as Form 10-Ks, with the Securities and Exchange Commission within the 15-day extension period following Dec. 31.
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