Sunnova Energy Stock Sinks as the Company Warns It Might Go Out of Business. ‘The Overall Environment Is Terrible.’
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Shares of Sunnova Energy International cratered Monday after the company issued a warning about its ability to keep operating, given the company’s cash constraints. The stock plunged 64% to 60 cents after the rooftop solar company said its unrestricted cash, cash flows from operating activities, and commitments under existing financing agreements were “not sufficient to meet obligations and fund operations.” The rooftop solar industry has struggled lately, because fewer people are installing solar panels due to high interest rates and unfavorable or uncertain regulatory policies.
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