Hydrogen fuel cell company Plug power (NASDAQ: PLUG) announced on Wednesday that it will release financial statements dating back to 2018. Today, it said it had received an “expected letter” from the Nasdaq Stock Exchange about the delay in publishing its annual report.
The letter from the listing qualifications division states that Plug does not comply with Nasdaq rules because it has delayed the submission of its annual report for the year ended December 31, 2020.
Image Source: Plug Power.
Earlier this week, Plug announced that it will review previously issued financial statements for the 2018 and 2019 financial years and its quarterly submission for 2019 and 2020. The company added that there will be no expected impact on the cash position, business operations or the economy of commercial arrangements. . “
In today’s announcement, the company said it was “still working diligently” to finalize the adjustments. It also noted that today’s notice 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 he can not meet the deadline, he intends to submit a plan to regain compliance before the date. At that point, Nasdaq will decide whether to accept the plan, and the deadline can then be extended to September so that the company can comply with it again.
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