Shares of Plug Power (NASDAQ: PLUG) plummeted another 20.7% in February, according to data provided by S&P Global Market Intelligence. Continued concerns about the company's liquidity, which have driven its stock down by about 80% over the past year, weighed on the share price, and those worries overshadowed the progress the company made on its strategic plan.

Last fall, Plug Power warned investors that it might not have enough liquidity to last it through the next year. Those concerns continued to hang over the hydrogen stock last month despite its efforts to shore up its financial situation. In January, the company agreed to sell up to $1 billion in stock to investment bank B. Riley Financial in an at-the-market offering. The company also revealed that it was working to finalize a term sheet with the Department of Energy for a $1.6 billion loan facility.

Plug continued to take steps to improve its financial position last month. In mid-February, it announced a strategic expense reduction plan to save more than $75 million annually. The company plans to consolidate operations, adjust its workforce, and take additional steps to cut costs.

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Source Fool.com