Benzinga | May 19, 2021 04:48PM EDT

Plug Power Reports Received Expected Notice From Nasdaq Related To Co.'s Failure To Timely File Its 10-Q For Period Ended Mar. 31, 2021

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.