Reported 8 months ago
SolarEdge Technologies stock experienced a significant drop after the company announced that one of its customers, PM&M Electric, has filed for Chapter 7 bankruptcy and may not be able to pay the $11.4 million owed. SolarEdge also anticipates using $150 million in free cash in the current quarter, attributed to various factors. To address financial concerns, the company is issuing $300 million in convertible notes. As a result, SolarEdge's shares tumbled almost 15% to $28.41, marking a seven-year low.
Source: YAHOO