Plug Power Plummets Over 31% Premarket: What's Going On
Portfolio Pulse from Shanthi Rexaline
Shares of Plug Power, Inc. (NASDAQ:PLUG) fell over 31% in premarket trading due to investor concerns following the company's 'going concern' warning. The company reported a deficit of $3.8 billion at the end of Q3 due to negative cash flows and net losses. It also expects to generate operating losses for the foreseeable future. The company's existing cash and securities will not be sufficient to fund operations for the next 12 months. KeyBanc Capital Markets analyst Sangita Jain expects shares to remain under pressure until liquidity-enhancing measures are announced.
November 10, 2023 | 11:55 am
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Plug Power's shares fell significantly due to its 'going concern' warning and expected operating losses. The company's existing resources will not be sufficient to fund operations for the next year.
The company's 'going concern' warning and expected operating losses have caused significant concern among investors, leading to a sharp drop in the company's share price. The company's existing resources are not sufficient to fund operations for the next year, which further exacerbates investor concerns.
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