Plug Power Inc. Announces Proposed Public Offering of Common Stock
January 26 2021 - 4:18PM
Plug Power Inc. (“Plug Power”) (NASDAQ: PLUG), a leader in
providing clean, reliable energy solutions, today announced that it
is commencing a registered public offering of $1,500,000,000 of its
common stock. In connection with the offering, Plug Power intends
to grant the underwriter a 30-day option to purchase up to
$225,000,000 of additional shares of common stock.
Morgan Stanley is acting as sole underwriter in
connection with the offering, and may offer the shares of common
stock from time to time to purchasers directly or through agents,
or through brokers in brokerage transactions on the Nasdaq Capital
Market, or to dealers in negotiated transactions or in a
combination of such methods of sale, at a fixed price or prices,
which may be changed, or at market prices prevailing at the time of
sale, at prices related to such prevailing market prices or at
negotiated prices.
Plug Power intends to use the net proceeds from
the offering for working capital and other general corporate
purposes, which may include capital expenditures, potential
acquisitions, growth opportunities and strategic transactions.
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. A
preliminary prospectus supplement related to the offering will be
filed with the SEC. Before you invest, you should read the
preliminary 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 preliminary prospectus and
the accompanying prospectus relating to the securities being
offered may also be obtained from Morgan Stanley at Morgan Stanley
& Co. LLC, Attention: Prospectus Department, 180 Varick Street,
2nd Floor, New York, NY 10014.
This press release does not and shall not
constitute an offer to sell or a solicitation of an offer to buy
any shares of Plug Power’s common stock, nor shall there be any
offer, solicitation or sale of such shares, 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.
About Plug Power
Plug Power is building the hydrogen economy as the
leading provider of comprehensive hydrogen fuel cell (HFC) turnkey
solutions. The company’s innovative technology powers electric
motors with hydrogen fuel cells amid an ongoing paradigm shift in
the power, energy, and transportation industries to address climate
change and energy security, while providing efficiency gains and
meeting sustainability goals.
Plug Power created the first commercially viable
market for HFC technology. As a result, the company has deployed
over 40,000 fuel cell systems for e-mobility, more than anyone else
in the world, and has become the largest buyer of liquid hydrogen,
having built and operated a hydrogen highway across North America.
Plug Power delivers a significant value proposition to
end-customers, including meaningful environmental benefits,
efficiency gains, fast fueling, and lower operational costs.
Plug Power’s vertically-integrated GenKey solution
ties together all critical elements to power, fuel, and provide
service to customers such as Amazon, BMW, The Southern Company,
Carrefour, and Walmart. The company is now leveraging its know-how,
modular product architecture and foundational customers to rapidly
expand into other key markets including zero-emission on-road
vehicles, robotics, and data centers.
Cautionary Language Concerning
Forward-Looking Statements
This press release contains “forward-looking
statements” within the meaning of the “safe harbor” provisions of
the Private Securities Litigation Reform Act of 1995. All
statements other than statements of historical facts contained in
this press release, including statements regarding the offering and
the anticipated use of the net proceeds from the offering, are
forward-looking statements. These forward-looking statements are
made as of the date they were first issued and are based on current
expectations, estimates, forecasts and projections as well as the
beliefs and assumptions of management. Forward-looking statements
are subject to a number of risks and uncertainties, many of which
involve factors or circumstances that are beyond Plug Power’s
control. Plug Power’s actual results could differ materially from
those stated or implied in forward-looking statements due to a
number of factors, including, but not limited to, the risks related
to the offering of the shares, market risks and uncertainties and
the impact of any natural disasters or public health emergencies,
such as the COVID-19 pandemic. These and other potential risks and
uncertainties that could cause actual results to differ from the
results predicted are more fully detailed in Plug Power’s filings
and reports with the SEC, including the Annual Report on Form 10-K
for the year ended December 31, 2019, as amended and supplemented
by the Quarterly Reports on Form 10-Q for the quarters
ended March 31, 2020, June 30, 2020 and September 30, 2020, as
well as other filings and reports that are filed by Plug Power from
time to time with the SEC. Plug Power anticipates that
subsequent events and developments will cause its views to change
and you should consider these factors in evaluating the
forward-looking statements and not place undue reliance on such
statements. Plug Power undertakes no intention or obligation
to update or revise any forward-looking statements, whether as a
result of new information, future events or otherwise. These
forward-looking statements should not be relied upon as
representing Plug Power’s views as of any date subsequent to the
date of this press release.
Media Contact Ian Martorana The
Bulleit Group (415)
237-3681
plugpowerPR@bulleitgroup.com
Plug Power (NASDAQ:PLUG)
Historical Stock Chart
From Aug 2024 to Sep 2024
Plug Power (NASDAQ:PLUG)
Historical Stock Chart
From Sep 2023 to Sep 2024