Plug Power Inc. Announces Proposed Public Offering of Common Stock
April 22 2014 - 04:17PM
Plug Power Inc. (Nasdaq:PLUG), a leader in providing clean,
reliable energy solutions, today announced that it intends to offer
and sell, subject to market and other conditions, common stock in
an underwritten public offering.
Morgan Stanley & Co. LLC and Barclays Capital Inc. are
acting as the book-running managers and Cowen and Company, LLC and
FBR Capital Markets & Co. are acting as co-managers for the
offering. Plug Power intends to use the net proceeds of the
offering for working capital and general corporate purposes, which
may include capital expenditures and potential acquisitions. The
securities described are being offered by Plug Power Inc. pursuant
to a shelf registration statement on Form S-3 including a base
prospectus. The securities may be offered only by means of a
prospectus. A preliminary prospectus supplement related to the
offering has been filed with the SEC on April 22, 2014 and will be
available on the SEC's website located at www.sec.gov. Copies of
the preliminary prospectus supplement and the accompanying
prospectus relating to the securities being offered may also be
obtained by contacting Morgan Stanley & Co. LLC, Attn:
Prospectus Department, 180 Varick Street, 2nd Floor, New York, New
York, 10014, or by contacting Barclays Capital Inc., c/o Broadridge
Financial Solutions, 1155 Long Island Avenue, Edgewood, New York,
11717, by calling (888) 603-5847 or by emailing
barclaysprospectus@broadridge.com. This press release shall not
constitute an offer to sell or the solicitation of an offer to buy
these securities, nor shall there be any sale of these securities
in any jurisdiction in which such offer, solicitation or sale would
be unlawful prior to the registration or qualification under the
securities laws of any such jurisdiction.
About Plug Power Inc.
The architects of modern fuel cell technology, Plug Power is
revolutionizing the industry with cost-effective power solutions
that increase productivity, lower operating costs and reduce carbon
footprints. Long-standing relationships with industry leaders,
including Walmart, Sysco, Procter & Gamble, and Mercedes Benz,
forged the path for Plug Power's innovative GenKey hydrogen and
fuel cell system solutions. With more than 4,500 GenDrive units
deployed to material handling customers, accumulating over 20
million hours of runtime, Plug Power manufactures tomorrow's
incumbent power solutions today.
Plug Power Inc. Safe Harbor Statement
This communication contains "forward-looking statements" within
the meaning of the Private Securities Litigation Reform Act of 1995
that involve significant risks and uncertainties about Plug Power
Inc. ("PLUG"), including but not limited to statements about PLUG's
forecast of financial performance, products and services, business
model, strategy and growth opportunities, and competitive position.
You are cautioned that such statements should not be read as a
guarantee of future performance or results, and will not
necessarily be accurate indications of the times at, or by which,
such performance or results will have been achieved. Such
statements are subject to risks and uncertainties that could cause
actual performance or results to differ materially from those
expressed in these statements. In particular, the risks and
uncertainties include, among other things, the risk that we
continue to incur losses and might never achieve or maintain
profitability; the risk that we will need to raise additional
capital to fund our operations and such capital may not be
available to us; our lack of extensive experience in manufacturing
and marketing products may impact our ability to manufacture and
market products on a profitable and large-scale commercial basis;
the risk that unit orders will not ship, be installed and/or
converted to revenue, in whole or in part; the risk that pending
orders may not convert to purchase orders, in whole or in part; the
risk that a loss of one or more of our major customers could result
in a material adverse effect on our financial condition; the risk
that a sale of a significant number of shares of stock could
depress the market price of our common stock; the risk that
negative publicity related to our business or stock could result in
a negative impact on our stock value and profitability; the risk of
potential losses related to any product liability claims and
contract disputes; the risk of loss related to an inability to
maintain an effective system of internal controls or key personnel;
risks related to use of flammable fuels in our products; the cost
and timing of developing, marketing and selling our products and
our ability to raise the necessary capital to fund such costs; the
ability to achieve the forecasted gross margin on the sale of our
products; the risk that our actual net cash used for operating
expenses may exceed the projected net cash for operating expenses;
the cost and availability of fuel and fueling infrastructures for
our products; market acceptance of our products, including GenDrive
systems; the volatility of our stock price; our ability to
establish and maintain relationships with third parties with
respect to product development, manufacturing, distribution and
servicing and the supply of key product components; the cost and
availability of components and parts for our products; our ability
to develop commercially viable products; our ability to reduce
product and manufacturing costs; our ability to successfully expand
our product lines; our ability to successfully expand
internationally; our ability to improve system reliability for our
GenDrive systems; competitive factors, such as price competition
and competition from other traditional and alternative energy
companies; our ability to protect our intellectual property; the
cost of complying with current and future federal, state and
international governmental regulations; risks associated with
potential future acquisitions; and other risks and uncertainties
referenced in our public filings with the Securities and Exchange
Commission. For additional disclosure regarding these and other
risks faced by PLUG, see disclosures contained in PLUG's public
filings with the Securities and Exchange Commission (the "SEC")
including, the "Risk Factors" section of PLUG's most recent filings
and in the prospectus supplement for this offering. You should
consider these factors in evaluating the forward-looking statements
included in this presentation and not place undue reliance on such
statements. The forward-looking statements are made as of the date
hereof, and PLUG undertakes no obligation to update such statements
as a result of new information.
CONTACT: Media & Investor Relations Contact:
Teal Vivacqua
Plug Power Inc.
Phone: (518) 738-0269
media@plugpower.com
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