Shares of hydrogen and fuel cell energy company Plug Power, Inc. (NASDAQ:PLUG) plunged hard in premarket trading on Friday.
What Happened: The precipitous fall reflected jitteriness among investors after the company issued a “going concern” warning. In a 10Q filed with the SEC, the company said its deficit was at $3.8 billion at the end of the September quarter due to negative cash flows and net losses. The company also expects to generate operating losses for the foreseeable future.
The existing cash, and available-for-securities and equity securities will not be sufficient to fund operations through the next 12 months, Plug Power said.
“These conditions and events raise substantial doubt about the company’s ability to continue ...