Plug Power Announces US$110 Million Public Offering

Plug Power (NASDAQ:PLUG), hydrogen and fuel cell company announced that it is undergoing a US$110 million common share public offering. It will be issuing up to 40 million shares at US$2.75 for working capital purposes, closing December 10, 2019.

As quoted in the press release:

Morgan Stanley and Barclays are acting as joint book-running managers for the offering and Oppenheimer & Co., Canaccord Genuity, Craig-Hallum Capital Group and Roth Capital Partners are acting as co-managers for the offering.

Plug Power intends to use the net proceeds from the offering for working capital and other general corporate purposes, including capital expenditures.

The securities described are being offered by Plug Power pursuant to an automatic shelf registration statement on Form S-3 that was previously filed with the Securities and Exchange Commission (the “SEC”) on December 2, 2019 and that became effective upon filing. A preliminary prospectus supplement relating to the offering was filed with the SEC and is available at the SEC’s website located at www.sec.gov.

Click here to read the full press release.