Sunnova Energy International Inc. , a green energy company backed by the Biden administration, saw its stock drop over 50% following a serious business warning.
• The stock fell by 64%, reaching 60 cents per share, after Sunnova revealed it lacks sufficient funds to meet its obligations.
• The company expressed "substantial doubt" about its ability to continue operations for at least one year.
• Sunnova, which provides services like solar panels and EV chargers, has had its market value plummet from $4. 5 billion in 2020 to about $208 million.
• The CEO, John Berger, cited high interest rates and political uncertainties as major challenges.
• In 2023, Sunnova received a $3 billion federal loan guarantee but has faced accusations of unethical practices.
Sunnova Energy is currently struggling financially, raising concerns about its future viability.
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