Plug Power Inc. announced that Johannes M. Roth has joined the company’s Board of Directors. Mr. Roth is the founder and Managing Director of FiveT Capital Holding AG, an investment holding company based in Switzerland with businesses specializing in asset management, risk management and alternative investments. Mr. Roth is also a Portfolio Manager and Managing Director at FiveT Capital AG, Zurich, Switzerland, which advises several long-only funds and operates an asset management business for high net worth individuals. From 1999 to 2006, Mr. Roth was an Equity Specialist Trader and Proprietary Trader with Baader Bank AG at the Stuttgart Stock Exchange. Mr. Roth also serves as a Director of Insilico Biotechnology AG, a Stuttgart, Germany based global leader in systems biology and bioinformatics.
The company also announced that David P. Waldek has been appointed as Interim Chief Financial Officer of the company and Jill McCoskey has been named to the position of Chief Accounting Officer. Mr. Waldek replaces Gerald Anderson, who had served as Chief Financial Officer since July 2007. Mr. Waldek has been a founding partner of CFO Advisory Group, LLC, a financial and business solutions advisory firm, since 2005. Prior to founding CFO Advisory Group, Mr. Waldek served as Chief Financial Officer of Albany Molecular Research, Inc., a publicly held drug discovery and development company, from March 1999 to November 2004. Ms. McCoskey has served as Controller of the company since 2008.
Plug Power also announced that on April 12, 2013, the company received a notice from The NASDAQ OMX Group indicating that the company has not regained compliance with NASDAQ Listing Rule 5550(a)(2), the minimum bid price rule, because the company’s common stock did not maintain a minimum closing bid price of $1.00 per share over a period of 10 consecutive business days ending on or prior to April 10, 2013. The NASDAQ notice has no immediate effect on the listing of PlugPower’s common stock.
In accordance with NASDAQ rules, the Plug Power has a period of 180 calendar days, until October 7, 2013, to regain compliance with the minimum bid price rule. If at any time before October 7, 2013, the closing bid price of the company’s common stock is $1.00 per share or more for a minimum of 10 consecutive business days, NASDAQ will notify the company that it has regained compliance with the minimum bid price rule. In the event that the company does not regain compliance with the minimum bid price rule prior to the expiration of the 180-day period, NASDAQ will notify the Company that its securities will be delisted. However, the company may appeal the delisting determination to a NASDAQ hearing panel and the delisting will be stayed pending the panel’s determination. At this hearing, the company would present a plan to regain compliance and NASDAQ would then subsequently render a decision. Plug Power is currently evaluating its alternatives to resolve the listing deficiency.