Plug Power Announces Completion of Undertakings Related to 2023 SEC Settlement
Plug Power Inc. (NASDAQ: PLUG) has announced the completion of undertakings related to its 2023 SEC settlement. The company, a leader in green hydrogen solutions, certified with the SEC Staff on August 30, 2024, that it has fully complied with the settlement terms, including remediating material weaknesses. CEO Andy Marsh expressed satisfaction with concluding the SEC settlement and reaffirmed Plug Power's commitment to ongoing compliance and governance best practices as they continue to lead in the green hydrogen economy development.
Plug Power Inc. (NASDAQ: PLUG) ha annunciato il completamento delle attività legate al suo accordo con la SEC del 2023. L'azienda, leader nelle soluzioni di idrogeno verde, ha certificato con il personale della SEC il 30 agosto 2024 di aver pienamente rispettato i termini dell'accordo, incluse le misure di rimedio delle debolezze materiali. Il CEO Andy Marsh ha espresso soddisfazione per la conclusione dell'accordo con la SEC e ha ribadito l'impegno di Plug Power per il rispetto continuo delle norme e delle migliori pratiche di governance mentre continuano a guidare lo sviluppo dell'economia dell'idrogeno verde.
Plug Power Inc. (NASDAQ: PLUG) ha anunciado la finalización de los compromisos relacionados con su acuerdo con la SEC de 2023. La compañía, líder en soluciones de hidrógeno verde, certificó ante el personal de la SEC el 30 de agosto de 2024 que ha cumplido completamente con los términos del acuerdo, incluidas las soluciones a debilidades materiales. El CEO Andy Marsh expresó satisfacción por la conclusión del acuerdo con la SEC y reafirmó el compromiso de Plug Power con el cumplimiento continuo y las mejores prácticas de gobernanza mientras continúan liderando el desarrollo de la economía del hidrógeno verde.
Plug Power Inc. (NASDAQ: PLUG)는 2023 SEC 합의와 관련된 활동이 완료되었음을 발표했습니다. 이 회사는 녹색 수소 솔루션 분야의 선두주자로서, 2024년 8월 30일 SEC 직원과의 회의를 통해 합의 조건을 완전히 준수했음을 인증했으며, 중대한 결점을 remediate하는 작업을 포함했습니다. CEO 앤디 마시(Andy Marsh)는 SEC 합의의 종료에 대한 만족을 표명하며, Plug Power가 지속적인 준수 및 거버넌스 모범 관행에 대한 헌신을 reaffirmed 했으며, 녹색 수소 경제 발전을 주도하고 있음을 확인했습니다.
Plug Power Inc. (NASDAQ: PLUG) a annoncé l'achèvement des engagements liés à son accord avec la SEC de 2023. L'entreprise, leader dans les solutions d'hydrogène vert, a certifié auprès du personnel de la SEC le 30 août 2024 qu'elle a pleinement respecté les termes de l'accord, y compris la remédiation des faiblesses matérielles. Le PDG Andy Marsh a exprimé sa satisfaction quant à la conclusion de l'accord avec la SEC et a réaffirmé l'engagement de Plug Power envers le respect continu des normes et des meilleures pratiques de gouvernance, tout en continuant de diriger le développement de l'économie de l'hydrogène vert.
Plug Power Inc. (NASDAQ: PLUG) hat den Abschluss der Maßnahmen im Zusammenhang mit seinem SEC-Vergleich von 2023 angekündigt. Das Unternehmen, ein führender Anbieter von grünen Wasserstofflösungen, hat am 30. August 2024 gegenüber der SEC bestätigt, dass es die Bedingungen des Vergleichs vollständig eingehalten hat, einschließlich der Behebung von wesentlichen Schwächen. CEO Andy Marsh äußerte seine Zufriedenheit über den Abschluss des SEC-Vergleichs und bekräftigte das Engagement von Plug Power für fortlaufende Compliance und bewährte Governance-Praktiken, während das Unternehmen weiterhin führend in der Entwicklung der grünen Wasserstoffwirtschaft ist.
- Completed all undertakings related to the 2023 SEC settlement
- Fully remediated material weaknesses in the company
- None.
The completion of SEC settlement undertakings is a positive development for Plug Power, signaling improved financial controls and governance. This could help restore investor confidence, which was likely shaken by the previous material weaknesses. However, the long-term impact on the stock may be , as the market has likely already priced in expectations of this resolution.
Investors should focus on Plug's core business performance and progress in the green hydrogen sector. While compliance issues are crucial, they don't directly affect the company's market position or revenue growth. The key metrics to watch are revenue trends, margins and cash burn rate, as these will ultimately drive Plug's valuation in the competitive clean energy landscape.
The completion of SEC settlement undertakings marks a significant legal milestone for Plug Power. By fully remediating material weaknesses and certifying compliance, the company has taken important steps to mitigate regulatory risks. This development should reduce the likelihood of future SEC actions and associated legal expenses.
However, investors should note that while this chapter is closed, ongoing compliance remains critical. The company's commitment to "ensuring ongoing compliance and governance best practices" will require continuous effort and investment. Shareholders should monitor future financial reports for any signs of renewed internal control issues, as recurrence could lead to more severe regulatory consequences.
SLINGERLANDS, N.Y., Sept. 05, 2024 (GLOBE NEWSWIRE) -- Plug Power Inc. (NASDAQ: PLUG), a global leader in comprehensive hydrogen solutions for the green hydrogen economy, is pleased to announce that it has complied with and completed the undertakings in connection with its previously announced settlement of a civil administrative proceeding with the U.S. Securities and Exchange Commission (“SEC”) in 2023. On August 30, 2024, the Company certified with the SEC Staff that the Company completed the undertakings set forth in the SEC settlement, which included fully remediating its material weaknesses.
“Plug Power is happy to have completed the undertakings and concluded the SEC settlement,” said Plug CEO Andy Marsh. “We remain committed to ensuring ongoing compliance and governance best practices as we continue to lead the development of the green hydrogen economy.”
About Plug
Plug is building an end-to-end green hydrogen ecosystem, from production, storage, and delivery to energy generation, to help its customers meet their business goals and decarbonize the economy. In creating the first commercially viable market for hydrogen fuel cell technology, the company has deployed more than 69,000 fuel cell systems and over 250 fueling stations, more than anyone else in the world, and is the largest buyer of liquid hydrogen.
With plans to operate a green hydrogen highway across North America and Europe, Plug built a state-of-the-art Gigafactory to produce electrolyzers and fuel cells and is developing multiple green hydrogen production plants targeting commercial operation by year-end 2028. Plug delivers its green hydrogen solutions directly to its customers and through joint venture partners into multiple environments, including material handling, e-mobility, power generation, and industrial applications.
For more information, visit www.plugpower.com.
Plug Media Contact
Fatimah Nouilati
Allison
PlugPR@allisonworldwide.com
FAQ
What did Plug Power announce regarding its 2023 SEC settlement?
When did Plug Power (PLUG) certify the completion of SEC settlement undertakings?
What commitments did Plug Power make following the completion of the SEC settlement?
How does the completion of SEC settlement undertakings affect Plug Power's (PLUG) business?
