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I have no concerns re PLUG
PLUG will release the restatements when they are completed. These things take time.
There is no evidence of any impending shake-up of senior management.
The company is growing by leaps and bounds, and its financial matters are becoming more complicated by the day. Andy has taken the necessary steps to ensure PLUGS's financial department will be able to handle those complications by posting a couple positions in the area of financial reporting. That is nothing more than an excellent CEO would do.
(I'm sorry for the repetitive nature of my post, but it seems to be the accepted norm, until something more substantial is reported)
JB- Nope
The old saying, "You can tell the character of a man by the company he keeps" reflects well on Plug Power. Its partners, and customers, are exemplary.
PLUG partners with BAE Systems for hydrogen buses:
https://www.ir.plugpower.com/Press-Releases/Press-Release-Details/2021/Plug-Power-and-BAE-Systems-Partner-on-Hydrogen-Powered-Electric-Buses/default.aspx
CEO interview today with Benzinga:
JB- So tiresome...and let us not forget how PLUG's restatement concerns caused the rest of the hydrogen sector to register comparable percentage drops; as well as an entire stock market rotation out of growth and into value stocks.
PLUG is one heckuva market leader!
Vuzix announces Q1 earnings date of May 10, afterhours.
https://d2iankuf53zudv.cloudfront.net/Content/Upload/PDFs/04_22_2021_1Q2021_Earnings_Call_Notice_Final.pdf
PLUG's CTO testifies before Congress:
https://www.plugpower.com/cto-tim-cortes-testifies-in-congress/
PLUG's Earth Day statement:
https://www.plugpower.com/earth-day-2021-going-all-in-on-green-hydrogen/
PLUG is leading the charge into the building of a brand new industry. If there is any reason to have high R&D costs, building a brand new industry would warrant them.
That's why I am intrigued that anybody would question R&D in earlier years. If I can read their posts, it might provide some insight into their concerns.
Hopefully Jack can help us narrow the search.
JB- After a quick review, I couldn't find any of those posts. Do you remember who the posters were or what years they questioned the R&D spending?
PLUG initiated with an Outperform target of $42 at Evercore.
https://thefly.com/landingPageNews.php?id=3285155&headline=plug-plug-power-initiated-with-an-outperform-at-evercore-isi
Also, Wells Fargo initiates a hold with a target of $30.
https://thefly.com/landingPageNews.php?id=3285141&headline=plug-plug-power-initiated-with-an-equal-weight-at-wells-fargo
JB- There is No mention of PLUG or Hydrogen or Fuel Cells.
Craig Irwin at Roth Capital agrees that new deals are imminent. Has this reiteration of his $65 buy rating on 4/14 been reported yet on the board?
https://www.benzinga.com/analyst-ratings/analyst-color/21/04/20623073/why-this-analyst-thinks-plug-power-stock-deserves-elevated-valuation
JB- My contention with your statement is not whether the restatement is finalized or not. It is with your statement that, once it is, they will sit on it until they hire a new CFO.
They will not sit on it, and, if my assessment of Andy Marsh is correct, they wont hire a new CFO either...unless there is evidence of Paul Middleton's ineptitude or malfeasance. Andy rewards honesty and loyalty with the same. I don't think he will be coerced by outsiders into ruining a loyal employee's career without good reason.
The company is growing by leaps and bounds, and its financial matters are becoming more complicated by the day. Andy has taken the necessary steps to ensure PLUGS's financial department will be able to handle those complications by posting a couple positions in the area of financial reporting. That is nothing more than an excellent CEO would do.
JB- Wrong. When the restatement results are ready PLUG is required to release them. They cannot hold material information until it suit their purpose to release it. No company can. Suggesting they would do otherwise just reinforces everybody's belief that you are anti-PLUG and would like nothing better than to see Andy Marsh humiliated.
One can only wonder how he slighted you.
JB- Has rerun season started already? Ok, here goes:
JB- If the restatements were ready and PLUG was holding them back until a new CFO is found, then there would be a good reason for the law firms to circle.
As of now, there is not.
I agree cabel. I appreciate all efforts by you and others to keep us informed on hydrogen related events and developments.
JB- Who do you suggest? Maybe Joe Namath? Mike Ditka?
So, some people think we need a new CEO. Since we won't find anybody more knowledgeable, more experienced, more qualified, more visionary, or more driven to see Plug Power succeed than Andy Marsh, it seems all we can hope for is somebody who is a more polished speaker and looks good in front of the cameras.
What do y'all think of Tom Selleck?
JB- I don't have time right now to go back and check, but it was whoever wrote the following:
>>>This is what I think is happening. The restatement is BAD, not really BAD, but bad enough that Paul Middleton’s head will roll. They already know how BAD, but they want to have Middleton’s successor in place before they make the announcements: 1.) The Restatement; 2.) Middleton “Resigning”; 3.) “Please join me in welcoming, Mr. X, our new CFO”.
PLUG needs to get all of the BAD NEWS out at once.
The delay is that there is no Mr/Ms X, yet. I know the head hunters are looking, but good luck finding a qualified CFO willing to go to Latham, NY.
Until there is a new CFO hired, we won’t get the restatement.<<<
Well, that prediction went bust. Sorry. Good luck from here Longs.
JB- If the restatements were ready and PLUG was holding them back until a new CFO is found, then there would be a good reason for the law firms to circle.
As of now, there is not.
My charts suggest a new uptrend begins tomorrow. Let's see.
I'm not knowledgeable with much concerning earnings restatements and the time periods to accomplish them, but I asked a friend who happens to be a KPMG international tax manager, without mentioning PLUG, how long they usually take. He said they can take 6 to 8 months.
I asked if there is anything that would prevent them from announcing quarterly earnings during that time and he said, "There shouldn't be."
So, who knows when we'll get the restatements? We should see first quarter earnings in early May though. That will be when the second stage of this rocket ignites.
Thanks Steve. Good information there.
Shareholders also approved an increase in shares from 337,500,000 million to 500,000,000. That is a bit more dilution, but it doesn't scare me off.
Jason Few is careful with his company's assets and I'm sure he won't issue any without a good solid reason.
Sometimes I think he is careful to a fault. The company might grow faster if he would take a few chances sometimes.
The more we understand their games, the more we can profit from them. I had greatly lightened my position for other opportunities, but started buying back in today. I see the one analyst's $28 target as the absolute possible bottom, but the closer we get to first quarter earnings the less opportunity there will be to buy in at these low prices.
JT- No.
JB- PLUG is at 44% of its 2021 high. FCEL is also at 44%. BE is at 57%. BLDP is at 58%. HYSR is at 36%.
Do you think it could be possible that PLUG's drop might be due to more of a hydrogen-wide revaluing and less to do with a misinterpretation of accounting principles?
I do, but then I don't spin everything as negatively (or positively) as possible in things regarding PLUG.
Peter- What would your opinion be of a CFO who overrode the direction of an outside accounting firm, the fourth largest accounting firm in the world, and then was found to be in error, especially if the disagreement concerned vague and rarely used concepts of accounting?
I personally have no problem with the management team of PLUG as it now stands.
JB- Inaccurate nits need to be picked. GM has no fuel cell Giga-Factories and, as far as I know, no intention of building any.
Dr. Steve- If the 1st quarter earnings aren't delayed by the current restating concerns, I expect them to blow away expectations. That should be the catalyst we need to start moving north again. I also don't expect a slow climb once it starts.
Earnings are expected about May 5th.
JB- How many fuel cell Giga-Factories does GM have? Where are they located? Thanks.
I, for one, appreciate people who take the time to give the other side of the bullish story for a stock. It helps to give a balanced picture for those who are considering jumping in.
As long as they don't get too naggy and repetitive about it.
Maybe this will help VUZI find some direction:
Vuzix Corporation Announces Closing Of $97.75 Million Public Offering Of Common Stock
APRIL 01, 2021 1:30PM EDT
ROCHESTER, N.Y., April 1, 2021 /PRNewswire/ -- Vuzix Corporation (Nasdaq: VUZI, the "Company"), a leading supplier of Smart-Glasses and Augmented Reality (AR) technologies and products for the consumer and enterprise markets, today announced the closing of the Company's previously announced underwritten public offering of 4,768,293 shares of its common stock at a price to the public of $20.50 per share, including 621,951 shares pursuant to the full exercise by the underwriters of their over-allotment option. The gross proceeds to the Company from the offering were approximately $97.75 million, before deducting underwriting discounts and commissions and other offering expenses payable by the Company.
BTIG, LLC acted as sole book-running manager for the offering. Craig-Hallum Capital Group, LLC acted as co-manager for the offering. The Special Equities Group (SEG), a division of Dawson James Securities, Inc., acted as a financial advisor to the Company.
The Company intends to use the net proceeds from the sale of the shares of common stock for general corporate purposes, including working capital to accelerate the building of finished goods inventory to address increasing customer demand, new technology development, new product development, purchases of technology, expansion of our software offerings, and possible related acquisitions of other firms.
The shares described above were offered by the Company pursuant to a shelf registration statement on Form S-3, including a base prospectus, that was filed on February 2, 2021 and declared effective by the SEC on February 9, 2021. The offering was made only by means of a written prospectus and prospectus supplement that form a part of the registration statement. A final prospectus supplement and accompanying prospectus relating to the offering was filed with the SEC and is available on the SEC's website located at www.sec.gov. Copies of the final prospectus supplement and the accompanying prospectus relating to the offering may also be obtained by contacting BTIG, LLC at 65 East 55th Street, New York, NY, 10022, by email at ProspectusDelivery@btig.com or by telephone at (212) 593-7555.
This press release does not constitute an offer to sell or a solicitation of an offer to buy, nor will there be any sales of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction.
I appreciate your profession of faith, Briboy. There isn't enough of that in the world today. I pray that we will be able to effectuate an untold amount of good with the Lord's portion of our profits.
Thanks uk.
Very interesting, Dr. Steve. Thanks for sharing.