Plug Power Receives Expected Notification from Nasdaq Related to Delayed Annual Report on Form 10-K
March 18 2021 - 4:30PM
Plug Power Inc. (NASDAQ: PLUG) (the “Company”), a leading provider
of turnkey hydrogen solutions building the global green hydrogen
economy, announced today that it received an expected letter from
the Listing Qualifications Department of The Nasdaq Stock Market
LLC (“Nasdaq”) stating that the Company is not in compliance with
Nasdaq Listing Rule 5250(c)(1) because it has not yet filed its
Annual Report on Form 10-K for the year ended December 31, 2020
(the “2020 Form 10-K”) with the Securities and Exchange Commission
(the “SEC”). The Nasdaq notification letter has no immediate effect
on the listing or trading of Plug Power’s common stock on the
Nasdaq Capital Market.
As previously disclosed in the Company’s Form 8-K filed with the
SEC on March 16, 2021, the Company has determined to restate
certain prior period financial statements to be included in the
2020 Form 10-K. Plug Power continues to work diligently to finalize
its restated financials and file the 2020 Form 10-K as soon as
possible.
Nasdaq indicated that the Company has 60 calendar days, or until
May 17, 2021, to file the 2020 Form 10-K with the SEC. If the
Company is unable to file the 2020 Form 10-K with the SEC by May
17, 2021, the Company intends to submit a plan to regain compliance
with the Nasdaq Listing Rules on or prior to that date. If Nasdaq
accepts the Company’s plan, then Nasdaq may grant an extension of
up to 180 calendar days from the due date of the 2020 Form 10-K, or
until September 13, 2021, to regain compliance.
About Plug Power
Plug Power is building the hydrogen economy as the leading
provider of comprehensive hydrogen fuel cell turnkey solutions. The
Company’s innovative technology powers electric motors with
hydrogen fuel cells amid an ongoing paradigm shift in the power,
energy, and transportation industries to address climate change and
energy security, while meeting sustainability goals. Plug Power
created the first commercially viable market for hydrogen fuel cell
technology. As a result, the Company has deployed over 40,000 fuel
cell systems for e-mobility, more than anyone else in the world,
and has become the largest buyer of liquid hydrogen, having built
and operated a hydrogen highway across North America. Plug Power
delivers a significant value proposition to end-customers,
including meaningful environmental benefits, efficiency gains, fast
fueling, and lower operational costs. Plug Power’s
vertically-integrated GenKey solution ties together all critical
elements to power, fuel, and provide service to customers such as
Amazon, BMW, The Southern Company, Carrefour, and Walmart. The
Company is now leveraging its know-how, modular product
architecture and foundational customers to rapidly expand into
other key markets including zero-emission on-road vehicles,
robotics, and data centers. Learn more at www.plugpower.com.
Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of the federal securities laws. These statements
include, but are not limited to, statements regarding the expected
timing of the completion and filing of the Company’s annual report
on Form 10-K and the expected timing and process to regain
compliance with the Nasdaq listing requirements. These
forward-looking statements are made as of the date hereof and are
based on current expectations, estimates, forecasts and projections
as well as the beliefs and assumptions of management.
Forward-looking statements are subject to a number of risks and
uncertainties, many of which involve factors or circumstances that
are beyond the Company’s control. The Company’s actual results
could differ materially from those stated or implied in
forward-looking statements due to a number of factors, including,
but not limited to, the risk that additional information may arise
prior to the filing of the restated financial statements; the final
determination of the Audit Committee regarding matters relating to
its internal review; the timing and ultimate conclusions of KPMG
regarding the audit of the Company’s financial statements, and the
risk that the completion and filing of the Company’s annual report
on Form 10-K will take longer than expected. These and other
potential risks and uncertainties that could cause actual results
to differ from the results predicted are more fully detailed in the
Company’s filings and reports with the SEC, including the Annual
Report on Form 10-K for the year ended December 31, 2019, as
amended and supplemented by the Quarterly Reports on Form 10-Q for
the quarters ended March 31, 2020, June 30, 2020 and September 30,
2020, as well as other filings and reports that are filed by the
Company from time to time with the SEC. The Company disclaims any
obligation to update forward-looking statements.
Media Contact Andrea Rose / Clayton ErwinJoele
Frank, Wilkinson Brimmer Katcher212-895-8666 /
212-895-8696arose@joelefrank.com / cerwin@joelefrank.com
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