Plug Power, Inc.
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Prior to the commencement of the day’s trading on March 2, 2021, Plug filed a Notification of Late Filing with the U.S. Securities and Exchange Commission (SEC) which stated that it could not timely file its annual report for the period ended December 31, 2020 because they were completing a “review and assessment of the treatment of certain costs with regards to classification between Research and Development versus Costs of Goods Sold, the recoverability of right of use assets associated with certain leases, and certain internal controls over these and other areas.” Plug stated that “it is possible that one or more of these items may result in charges or adjustments to current and/or prior period financial statements.”
Plug’s stock price fell by $3.68, or approximately 7%, on this news, to close at $48.78 per share on March 2, 2021, on unusually heavy trading volume. The share price declined by $9.48, or approximately 19.4%, over the next three consecutive trading sessions, closing at $39.30 per share on March 5, 2021.