RTTNews | May 14, 2021 11:08AM EDT

11:07 Friday, May 14, 2021 (RTTNews.com) - Shares of Plug Power Inc. (PLUG) are gaining nearly 15% on Friday morning after the hydrogen fuel cell maker said it has completed its restatement of financial results of three years, but with no impact on its cash position or business operations.

PLUG is currently trading at $25.19, up $3.23 or 14.71%, on the Nasdaq.

Plug Power said that as anticipated, the restatement of financial results made no impact on cash position, business operations or economics of commercial arrangements.

The restatement also made no change to gross billings. The company continues to expect to achieve its previously stated annual gross billings targets of $475 million in 2021, $750 million in 2022 and $1.7 billion in 2024.

"We pride ourselves on operating with integrity and transparency in everything we do, and we're pleased to put this matter behind us," said Andy Marsh, Plug Power's President and Chief Executive Officer. "As we anticipated, the required adjustments were non-cash and had no impact on our business operations or economics of our commercial arrangements. As we look ahead, we remain committed to long-term value creation and executing on our mission to build out the hydrogen economy in North America and beyond.

Since mid-March, shares of Plug Power have been on a downward streak after the company revealed that it found some accounting errors that will lead to restating of some financial results.

Plug Power had then said that it will restate its financial statements for fiscal years 2018 and 2019 and its quarterly filings for 2019 and 2020, which will be disclosed in the Form 10-K for the year ended December 31, 2020.

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