Business
Plug Power Inc. Announces Pricing of Upsized $280 Million Underwritten Offering
Upsized Offering Sold to Single Institutional Investor to Strengthen Financial Position and Drive Towards Profitability in 2025 SLINGERLANDS, N.Y., March 19,
About this update from Plug Power, Inc.
[{"type":"text","content":"Upsized Offering Sold to Single Institutional Investor to Strengthen Financial Position and Drive Towards Profitability in 2025\nSLINGERLANDS, N.Y., March 19, 2025 (GLOBE NEWSWIRE) -- Plug Power Inc. (“Plug Power”) (NASDAQ: PLUG), a global leader in comprehensive hydrogen solutions for the green hydrogen economy, announced the pricing of its underwritten registered offering of 46,500,000 shares of its common stock and in lieu of common stock, pre-funded warrants to purchase 138,930,464 shares of its common stock (together “Common Stock Equivalents”). The total number of Common Stock Equivalents sold in the offering is 185,430,464. The Common Stock Equivalents will be accompanied by a total of 185,430,464 warrants. The aggregate gross proceeds of the offering are expected to be approximately $280 million, before deducting underwriting discounts and commissions and other offering expenses payable by Plug Power, and excluding any proceeds that may be received from the exercise of the warrants. Each share of common stock and accompanying warrant are being sold together at a combined offering price of $1.51. Each pre-funded warrant and accompanying warrant are being sold together at a combined offering price of $1.509. The pre-funded warrants will have an exercise price of $0.001 per share, will be immediately exercisable and will expire three years from the date of issuance. The warrants will have an exercise price of $2.00 per share, will be exercisable six months from the date of issuance and will expire three years from the date of issuance. Plug Power intends to use the net proceeds from the offering for working capital and general corporate purposes. The offering is expected to close on or about March 20, 2025, subject to customary closing conditions. “The net proceeds from this offering will strengthen our financial position and help drive profitability in 2025. We are taking disciplined actions to optimize operations, improve cash flow, and focus on strategic initiatives that support sustainable growth,” said Andy Marsh, Plug Power’s Chief Executive Officer. “This funding reinforces our long-term vision and financial resilience.” Oppenheimer & Co. Inc. is acting as the sole book-running manager for the offering. Roth Capital Partners, LLC, Craig-Hallum Capital Group LLC and H.C. Wainwright & Co. are acting as co-managers for ...