Hydrogen Economy – Plug Power stock plummets on planned $1 bln equity raise.
Plug Power’s (PLUG.O), opens new tab stock tumbled more than 15% on Thursday to the lowest in more than four years after the struggling hydrogen fuel cell manufacturer announced a $1 billion share sale.
Net proceeds from Plug Power’s offering will be used for working capital, capital expenditure, and general corporate purposes. B. Riley Securities (RILY.O), opens new tab will act as sales agent for the offering, which it agreed under an “at-the-market” (ATM) program, the company said in a regulatory filing late Wednesday. Spokespersons for Plug Power and B. Riley declined to comment.
Plug Power’s shares fell as low as $2.26, the lowest since September 2019, on track for the seventh consecutive day of losses. The stock plunged by nearly 64% last year and had a market value of roughly $1.7 billion through Wednesday.
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The average rating among 29 analysts covering Plug Power’s shares was “hold” and their median price target was $14, unchanged since Oct 18, according to LSEG data.
In November, Plug Power raised going concern doubts as it faced liquidity issues amid supply challenges in the liquid hydrogen market in North America.
At the end of September 2023, Plug Power had $100.8 million of cash and cash equivalents, down from $690.6 million at the end of 2022.
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Plug Power plummets on planned $1 bln equity raise, January 18, 2024
