December 14, 2009 (FinancialWire) — Plug Power Inc. (NASDAQ: PLUG), a leader in providing clean, reliable energy solutions, said it received a notice on December 8, 2009 from the NASDAQ Stock Market.

The notice stated that the company was not in compliance with NASDAQ Marketplace Rule 5450(a) (1) because the bid price of the company’s common stock closed below the required minimum $1.00 per share for the previous 30 consecutive business days. The NASDAQ notice has no immediate effect on the listing of the company’s common stock.

In accordance with NASDAQ rules, Plug Power has a period of 180 calendar days, until June 7, 2010, to regain compliance with the minimum bid price rule. If at any time before June 7, 2010, the bid price of the company’s common stock closes at $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 the company does not regain compliance with the Rule prior to the expiration of the 180-day period, NASDAQ will notify the company that its securities are subject to delisting. 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. The company is currently evaluating its alternatives to resolve the listing deficiency.

On September 30, 2009, Plug Power had cash, cash equivalents and available-for-sale securities of $71.1 million and net working capital of $70.4 million.

Plug Power Inc. (NASDAQ: PLUG), an established leader in the development and deployment of clean, reliable energy solutions, integrates fuel cell technology into motive and continuous power products.

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