Plug Power Inc. Announces Pricing of Public Offering of Common Stock
December 05 2019 - 8:02PM
Plug Power Inc. (NASDAQ:PLUG), a leader in providing clean,
reliable energy solutions, today announced that it has priced an
underwritten public offering of 40 million shares of its common
stock, at a price of $2.75 per share for expected gross proceeds of
$110 million. In addition, Plug Power has granted the underwriters
a 30-day option to purchase up to an additional 6 million shares of
its common stock. The closing is expected to occur on or
about December 10, 2019, subject to customary closing conditions.
Morgan Stanley and Barclays are acting as joint
book-running managers for the offering and Oppenheimer & Co.,
Canaccord Genuity, Craig-Hallum Capital Group and Roth Capital
Partners are acting as co-managers for the offering.
Plug Power intends to use the net proceeds from
the offering for working capital and other general corporate
purposes, including capital expenditures.
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”) on December 2, 2019 and that became
effective upon filing. A preliminary prospectus supplement relating
to the offering was filed with the SEC and is available at the
SEC's website located at www.sec.gov. A final prospectus
supplement relating to this offering will be filed with the SEC and
will be available at the SEC’s website located at www.sec.gov. When
available, copies of the final prospectus supplement relating to
this offering may also be obtained by contacting Morgan Stanley
& Co. LLC, Attn: Prospectus Department, 180 Varick Street, 2nd
Floor, New York, NY 10014; and Barclays Capital Inc., c/o
Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood,
NY 11717, or by telephone at (888) 603-5847.
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
architect of modern hydrogen and fuel cell technology, Plug Power
is the innovator that has taken hydrogen and fuel cell technology
from concept to commercialization. Plug Power has revolutionized
the material handling industry with its full-service GenKey
solution, which is designed to increase productivity, lower
operating costs and reduce carbon footprints in a reliable,
cost-effective way. Plug Power’s GenKey solution couples together
all the necessary elements to power, fuel and serve a customer.
With proven hydrogen and fuel cell products, Plug Power replaces
lead acid batteries to power electric industrial vehicles, such as
the lift trucks customers use in their distribution centers.
Extending its reach into the on-road electric vehicle market, Plug
Power’s ProGen platform of modular fuel cell engines empowers OEMs
and system integrators to rapidly adopt hydrogen fuel cell
technology. ProGen engines are proven today, with thousands in
service, supporting some of the most rugged operations in the
world. Plug Power is the partner that customers trust to take their
businesses into the future.
Plug Power Inc. Safe Harbor
StatementThis 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. (the “Company”), including, but not limited
to, the risks and uncertainties related to market conditions, the
expected use of proceeds, and the consummation of the proposed
public offering on the terms and conditions described herein or at
all. 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 that, 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, including those risks and
uncertainties referenced in our public filings with the SEC.
For additional disclosure regarding risks and uncertainties faced
by the Company, see disclosures contained in the Company’s public
filings with the SEC including, the "Risk Factors" section of the
Annual Report on Form 10-K for the year ended December 31, 2018,
and in the prospectus supplement related to the 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 the Company undertakes no
obligation to update such statements as a result of new
information.
Media & Investor Relations
Contact:Teal Vivacqua HoyosPlug Power Inc.Phone: (518)
738-0269media@plugpower.com
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