SunPower Shares Down Sharply As Total Deal Expires

Well, don’t say you weren’t warned.

SunPower shares are getting crushed in early trading Wednesday following the completion of Total’s tender offer to acquire 60% of the company for $23.25 a share. Yesterday, multiple analysts downgraded the stock, warning that the recent share price had been inflated by the Total offer, and was likely headed substantially lower once it was completed. The stock sold off modestly on Tuesday. But with the deal completed and no longer supporting the stock, the solar company’s shares have hit an air pocket.

SunPower’s Class A shares this morning are down $3.83, or 18.5%, to $16.84; the company’s Class B shares are down $3.92, or 19.1%, to $16.65.