Plug Power up after $280 mln stock-and-warrants offering

Plug Power

19/03/2025 13:40

**  Plug Power's PLUG.O shares up 3.1% at $1.67 early Weds after hydrogen fuel cell maker's equity raise

** Slingerlands, New York-based co offered ~185.4 mln shares, including ~138.9 mln pre-funded warrants to buy shares, at $1.51 for $280 mln raise, per the SEC filing

** Offering price represents 6.8% discount to stock's close on Tues

** Each warrant has exercise price of $2, can be exercised six months from now, and expire in three years, per the filing

** If all warrants fully exercised, co would receive additional gross proceeds of $371 mln, or $651 mln in aggregate

** Co plans to use net offering proceeds for working capital, general purposes

** It will have ~960.4 mln shares outstanding immediately following this offering

** Even with advance on Weds, stock down ~22% YTD following ~53% plunge in 2024

** Oppenheimer sole bookrunner for the offering

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

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