Here's Why Plug Power Stock Jumped Friday Morning
Shares of Plug Power (NASDAQ: PLUG) have been on a fairly steady decline since the company announced on March 15 that it would restate three years' worth of its prior financial statements. From that point, the stock had fallen by around 50%. But Plug Power came out with that restatement Monday, just one business day before its May 17 deadline, and investors reacted by sending its shares up by more than 15% as of 10:10 a.m. EDT.
The hydrogen fuel cell maker was forced to delay its 2020 annual report while it did the necessary work to restate financial items going back to 2018. That also caused its first-quarter 2021 update to be delayed. Plug Power on Monday reiterated a previous statement that these restatements did not affect the company's cash position, business operations, or return from commercial agreements.
Source Fool.com
