Reply from Plug Power to my mail
Shailesh,
Thank you for your email, and your interest in Plug Power. We are cautiously optimistic this will be concluded prior to our Q1 earnings release, so in that perspective we are hopeful weeks and not months away.
I do want to add there are certain windows and dates, i.e. 10b-5 trading plans, when insiders and management are able to sell, so stock price isn't a factor of when such an insider/management member can sell. During this time while our 10-K is being reviewed by KPMG the company, insiders, management is blacked out from Buying, Selling, and or exercising options on Plug Power.
PLUG power also is not immune to the pullback and pressure in speculative/growth and the cleantech sector i.e. ARKK FSLR SPWR BE BLDP FCEL TSLA etc.
Of course nothing is final until its completed.
I do want to reiterate what the current situation, of our delayed 10-K, will not effect:
These changes will not affect:
. Revenue
. Cash position
. Business operations
. Our commercial arrangements
. Our guidance that we laid out in the Jan 26th update.
KPMG has been our independent accountants for close to 25 years, and while they have determined our prior Financial Statements need to be restated, they are related to several non-cash items, relating to lease accounting as rule 842 came into effect in 2019 such as:
. book value of right of use assets and write down of financial obligations
. Loss accruals for certain service contracts
. impairment of certain long-lived assets
. classification of certain costs, resulting in a decrease in R&D search and expense and a corresponding increase in cost of revenue.
Our core material handling clients do business with Plug Power through either Direct Purchase, or with Sale-Leaseback agreements which hence involve operating leases.
Our accounting as a result can be complex and technical due to the nature of our business. These changes aren't being made due to override of controls or misconduct, and KPMG had informed the Audit Committee that these issues are not related to an override of controls or misconduct.
Plug Power, at the highest levels, is focused on the tremendous opportunities and business propositions at hand. At the highest levels, Plug Power is also sensitive to the situation and the dynamics as a result and is working with KPMG around the clock to rectify and complete this process in order to release our 10-K as quickly as possible.
I hope this is helpful, we thank you for your support, and wish you and your family stay safe - Roberto
Roberto Friedlander
Director Investor Relations
PLUG POWER | 968 Albany Shaker Road | Latham, NY 12110
M 516-768-5775 W plugpower.com
-----Original Message-----
From: Shailesh Bhosale <bhosalesb@gmail.com>
Sent: Thursday, April 15, 2021 10:28 AM
To: Investor Relations <Investor_Relations@plugpower.com>
Subject: Falling Stock price
I have been a long term stock holder of Plug Power and have been invested in Plug over the last 9 years.
The current downtrend in the stock price and the confusion prevailing in the market about the financials being reposted has been unnerving.
While senior board members merrily sold shares at its peak, we the common shareholders have been left in the lurch just watching the stock price fall everyday. There has been no statement from the management to clarify its position or to assuage the fears of the loyal shareholders.
I feel cheated by the turn of events and the lack of any statement from Plug.
Please clarify.
Shailesh
Sent from my iPad
