Hydrogen fuel cell company Plug Power (NASDAQ: PLUG) announced on Wednesday that it will reissue financial statements dated 2018. Today, it said it had received “an expected letter” from the Nasdaq stock exchange about the delay in disclosing its annual report.
The letter from the listing qualifications department stated that Plug is not in compliance with Nasdaq rules because it delayed the filing of its annual report for the year ended December 31, 2020.
Image source: Plug Power.
Earlier this week, Plug announced that it will re-present the previously released financial statements for fiscal years 2018 and 2019 and its quarterly records for 2019 and 2020. The company added that there will be “no expected impact on cash position, business or economics of commercial agreements. “
In today’s announcement, the company said it “continues to work diligently” to finalize the redesigns. He also noted that today’s notification does not immediately affect the company’s trading or listing on the stock exchange.
Plug now has 60 days (until May 17) to submit its 2020 Form 10-K to the Securities and Exchange Commission. The company has already said that if it fails to meet that deadline, it plans to present a plan to resume compliance before that date. At that point, Nasdaq will decide whether to accept the plan and may extend the expiration date until September for the company to regain compliance.
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