After the market closed on February 25, 2021, a press release was issued by Renewable Energy announcing the financial results of its fourth quarter and full year 2020. Renewable Energy revealed that it would restate “$38.2 million in cumulative revenue from January 2018 through September 30, 2020” because Renewable Energy was not the “proper claimant for certain BTC [biodiesel mixture excise tax credits] payments on biodiesel it sold between January 1, 2017 and September 30, 2020.” It was further stated by Renewable Energy that it had reached an agreement with the Internal Revenue Service “on a $40.5 million assessment, excluding interest” in order to correct these claims.
On February 26, 2021, Renewable Energy’s stock price fell as much as 9% on this news during intraday trading.
Renewable Energy Group, Inc.
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