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, 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.
Andy Marsh, Plug Power’s Chief Executive Officer, said:
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.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 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 on June 8, 2022. A prospectus supplement related to the offering has been filed with the SEC. Before you invest, you should read the 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 prospectus supplement and the accompanying prospectus relating to the securities being offered may also be obtained from Oppenheimer & Co. Inc., Attention: Syndicate Prospectus Department, 85 Broad St., 26th Floor, New York, NY 10004, by telephone at (212) 667-8055, or by email at EquityProspectus@opco.com. This press release does not and shall not constitute an offer to sell or a solicitation of an offer to buy any of these securities, nor shall there be any offer, solicitation or sale of such securities, 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.
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Plug Power Inc Announces Pricing of Upsized $280 Million Underwritten Offering, source
