Plug Power Receives Expected Notice from Nasdaq
May 19 2021 - 3:47PM
Plug Power Inc. (“Plug Power” or the “Company”) (NASDAQ: PLUG), a
leading provider of turnkey hydrogen solutions building the global
green hydrogen economy, announced today that the Company received
an expected letter dated May 18, 2021 from the Nasdaq Listing
Qualifications Department indicating that, based upon the Company’s
failure to timely file its Quarterly Report on Form 10-Q for the
quarter ended March 31, 2021 (the “First Quarter Form 10-Q”) with
the U.S. Securities and Exchange Commission (the “SEC”), the
Company did not satisfy Nasdaq Listing Rule 5250(c)(1) (the
“Rule”), which requires issuers to timely file periodic reports
with 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.
The Company filed its Annual Report on Form 10-K for the year
ended December 31, 2020 (the “Form 10-K”) on May 14, 2021. As
previously disclosed, given the time and focus dedicated to
completing the restatement and filing of the Form 10-K, the Company
is delayed in its customary reporting and review process for the
quarter ended March 31, 2021. The Company and its independent
auditor are working diligently to complete the first quarter
review. The Company expects to file the First Quarter Form 10-Q by
June 14, 2021 and will hold its first quarter earnings conference
call on the same day it files its Form 10-Q.
If the Company is unable to file the First Quarter Form 10-Q
with the SEC by June 14, 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 exception of up to 180 calendar days from the due date of
the 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 First Quarter Form 10-Q, the expected
timing of the first quarter earnings conference call 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 the
completion and filing of the First Quarter Form 10-Q will take
longer than anticipated; the Company’s ability to continue to
comply with the applicable listing standards of NASDAQ; and the
risk of potential litigation or regulatory action arising from the
failure to timely file the 2020 Annual Report or the First Quarter
Form 10-Q. 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, 2020, as well as other filings and reports that are
filed by the Company from time to time with the SEC. Each
forward-looking statement in this press release speaks only as of
the date of the particular statement. The Company disclaims any
obligation to update forward-looking statements except as may be
required by law.
Contacts
Media Contact
Andrea Rose / Mahmoud SiddigJoele Frank, Wilkinson Brimmer
Katcher212-895-8666 / 212-895-8650arose@joelefrank.com /
msiddig@joelefrank.com
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