Plug Power Inc. Announces Pricing of Public Offering of Common Stock
July 19 2024 - 7:12AM
Plug Power Inc. (“Plug Power”) (NASDAQ: PLUG), a global leader in
comprehensive hydrogen solutions for the green hydrogen economy,
today announced the pricing of its previously announced
underwritten public offering of 78,740,157 shares of its common
stock at a price to the public of $2.54 per share. The offering is
expected to close on or about July 22, 2024, subject to market and
other customary closing conditions. In connection with the
offering, Plug Power has granted the underwriters a 30-day option
to purchase up to an additional 11,811,023 shares of common stock
at the public offering price, less the underwriting discount.
The gross proceeds to Plug Power from the offering, before
deducting the underwriting discount and other offering expenses
payable by Plug Power, are expected to be approximately $200
million. Plug Power intends to use the net proceeds from the
offering for general corporate purposes.
Morgan Stanley is acting as the sole book-running manager for
the offering. Canaccord Genuity, Oppenheimer & Co., Roth
Capital Partners, BTIG and Craig-Hallum are acting as co-managers
for the offering. 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”) and declared effective by the SEC. A
preliminary prospectus supplement related to the offering has been
filed with the SEC. Before you invest, you should read the
preliminary prospectus supplement and the accompanying prospectus
in that registration statement and other documents filed with the
SEC for more information about Plug Power and this offering. You
may obtain these documents free of charge by visiting the SEC’s
website at www.sec.gov. Copies of the preliminary prospectus and
the accompanying prospectus relating to the securities being
offered may also be obtained from Morgan Stanley at Morgan Stanley
& Co. LLC, Attention: Prospectus Department, 180 Varick Street,
2nd Floor, New York, NY 10014.
This press release does not and shall not constitute an offer to
sell or a solicitation of an offer to buy any shares of Plug
Power’s common stock, nor shall there be any offer, solicitation or
sale of such shares, in any state or jurisdiction in which such an
offer, solicitation or sale would be unlawful prior to registration
or qualification under the securities laws of any such state or
jurisdiction.
About Plug Power
Plug Power is building an end-to-end green hydrogen ecosystem,
from production, storage, and delivery to energy generation, to
help its customers meet their business goals and decarbonize the
economy. In creating the first commercially viable market for
hydrogen fuel cell technology, the company has deployed more than
69,000 fuel cell systems and over 250 fueling stations, more than
anyone else in the world, and is the largest buyer of liquid
hydrogen.
With plans to operate a green hydrogen highway across North
America and Europe, Plug Power built a state-of-the-art Gigafactory
to produce electrolyzers and fuel cells and is developing multiple
green hydrogen production plants targeting commercial operation by
year-end 2028. Plug Power delivers its green hydrogen solutions
directly to its customers and through joint venture partners into
multiple environments, including material handling, e-mobility,
power generation, and industrial applications.
Cautionary Language Concerning Forward-Looking
Statements
This press release contains “forward-looking statements” within
the meaning of the “safe harbor” provisions of the Private
Securities Litigation Reform Act of 1995. All statements other than
statements of historical facts contained in this press release,
including statements regarding the offering, the anticipated use of
the net proceeds from the offering and the timing of the closing of
the offering, are forward-looking statements. These forward-looking
statements are made as of the date they were first issued and are
based on current expectations, estimates, forecasts and projections
as well as the beliefs and assumptions of management.
Forward-looking statements are subject to a number of risks and
uncertainties, many of which involve factors or circumstances that
are beyond Plug Power’s control. Plug Power’s actual results could
differ materially from those stated or implied in forward-looking
statements due to a number of factors, including, but not limited
to, the risks related to the offering of the shares and
uncertainties related to market conditions. These and other
potential risks and uncertainties that could cause actual results
to differ from the results predicted are more fully detailed in
Plug Power’s filings and reports with the SEC, including the Annual
Report on Form 10-K for the year ended December 31, 2023, the
Quarterly Report on Form 10-Q for the quarter ended March 31,
2024, as well as other filings and reports that are filed by Plug
Power from time to time with the SEC. Plug Power anticipates
that subsequent events and developments will cause its views to
change and you should consider these factors in evaluating the
forward-looking statements and not place undue reliance on such
statements. Plug Power undertakes no intention or obligation
to update or revise any forward-looking statements, whether as a
result of new information, future events or otherwise. These
forward-looking statements should not be relied upon as
representing Plug Power’s views as of any date subsequent to the
date of this press release.
Media Contact
Fatimah NouilatiAllisonplugPR@allisonpr.com
Plug Power (NASDAQ:PLUG)
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