Shares of residential solar company (NASDAQ: SPWR) jumped as much as 27.4% in trading on Thursday after the company announced some new financing updates. Shares drifted lower as the day went on and are now up 19.9% at 3:15 p.m. ET.

SunPower has been in default on some of its debt, leading to a "going concern" warning to investors. However, the company has gotten waivers from debtholders and is looking for more financing options.

Today's news was that debtholders had agreed to give another waiver extension on debt covenants until Feb. 16, 2024. The company also has commitments for $20 million in financing from TotalEnergies and Global Infrastructure Partners, SunPower's majority shareholders.

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Source Fool.com