- Plug Power (NASDAQ:PLUG) says it received an expected letter from Nasdaq stating that the company is not in compliance with listing rules because it has not yet filed its Form 10-K for 2020.
- Nasdaq indicated that the company has 60 calendar days, or until May 17, to file the 2020 Form 10-K with the SEC.
- Plug said earlier this week that it would need to restate several financial statements to be included in the 10-K, and will finalize its restated financials and file the 10-K as soon as possible.
- Plug shares have plunged 15% in the two days after disclosing accounting errors that would make the restatements necessary, but some analysts think the dip in the stock price has presented a buying opportunity.
- For one, Cannacord's Jed Dorsheimer maintains his Buy rating and $69 price target on Plug, saying the needed adjustments are "largely related to balance sheet" and will have no impact on current contracts.
- Roth Capital's Craig Irwin also reiterates his Buy rating and $75 target, saying a new accounting standard for lease accounting is behind the restatements, "not any attempt to cook the books."
- Plug shares did get one downgrade, to Hold from Buy at Truist, which sees "limited opportunity for outperformance in the near term" even as the accounting issues "appear transitory in nature."