Plug Power plunges after unveiling $375 mln convertible debt deal

Plug Power

18/11/2025 21:25

** Plug Power's PLUG.O shares down 20.1% at $1.71 in
     extended trading as hydrogen fuel cell maker seeks capital raise to refinance debt

    ** Slingerlands, New York-based PLUG announces private offering of $375 mln convertible bonds (CBs) due 2033

** Co plans to use ~$243 mln of net proceeds to fully repay outstanding principal amount of its 15% secured debentures, and the related termination fee

** It expects to use remainder to purchase additional notes, to fund repurchase of all or a portion of its existing 7% CBs due 2026, among other purposes

** PLUG has roughly $3 bln market cap

** PLUG shares on Tues finished up 2.6% at $2.14. Shares have lost about 37% over the past month, leaving them up marginally YTD

** On Oct 7, PLUG appointed insider Jose Luis Crespo as next CEO, succeeding longtime leader Andy Marsh

    ** Of 25 analysts covering PLUG, recommendation breakdown is 6 "buy", 14 "hold" and 5 "sell" or "strong sell"; median PT is $2.50, per LSEG data

(Lance Tupper is a Reuters market analyst. The views expressed are his own)

((lance.tupper@tr.com 1-646-279-6380))