Plug Power Inc.’s stock soared on Friday after the company completed its restatement, eliminating a “shroud of doubt” that had been weighing heavily on the stock over the past few months.
In premarket trade, the stock PLUG, up 12.2 percent, increased by 11.93 percent. After falling 19.2 percent last week and closing Monday at a six-month low, the stock is on track to post a weekly rise. It was also trading at a discount to where it closed on March 16, at $42.68, just before the company revealed the need for a restatement.
The stock had fallen 48.5 percent from March 16th to Thursday.
Early Friday, the firm submitted its 10-K annual report to the Securities and Exchange Commission in the United States. As previously stated, the need to restate results was not caused by any wrongdoing or an override of internal controls, according to the firm. The 10-K was filed four days after the company said it would file the annual report “within the next five days” earlier this week.
According to the company, the restatement increased 2020 revenue by $7.2 million to negative $93.2 million, decreased 2019 revenue by about $300,000, and increased 2018 revenue by about $400,000. Meanwhile, losses for 2020 increased by 10 cents a share to $1.68, losses for 2019 remained unchanged, and losses for 2018 increased by 3 cents a share.
“We pride ourselves on operating with integrity and transparency in everything we do, and we’re pleased to put this matter behind us. As we anticipated, the required adjustments were noncash and had no impact on our business operations or economics of our commercial arrangements.”Plug Power’s Chief Executive – Andy Marsh