COLONIE — Plug Power says it has received an “expected” notice from the Nasdaq stock market that it will violate compliance rules if its annual financial report for 2020 isn’t filed with the U.S. Securities and Exchange Commission by May 17.
The Latham-based fuel cell maker postponed the filing of the document earlier this month as it works out accounting issues that will force it to restate its financial statements going back to 2018. The report was due to the SEC on March 1.
The Nasdaq letter has no impact for now on the trading of Plug’s shares, and the company says if it cannot meet the May deadline then it will file a plan with the Nasdaq that if approved would give the company until September to complete the filing.
The Nasdaq rule is designed to ensure transparency and compliance with SEC rules.
Plug’s shares have fallen $20 since March 1, wiping out billions of dollars in market value attributed in part to its accounting problems, which the company has blamed on the increasing complexity of its business as it expands internationally amid the growth of the renewable energy market.
The company’s accounting issues have also led to a shareholder lawsuit that says the company hurt investors by not being transparent enough. The company says its accounting firm and audit committee only discovered the accounting issues in February.