Plug Power Inc. Announces $23.5 Million Registered Direct Offering With Odey Asset Management
March 20 2019 - 9:25AM
Plug Power Inc. (Nasdaq: PLUG), a leader in providing energy
solutions that change the way the world moves, has today announced
that it has agreed to sell 10,000,000 shares of its common stock at
a price of $2.35 per share, for gross proceeds of $23,500,000. The
shares were offered and are expected to be sold to an existing
single shareholder, Odey Asset Management, in a registered direct
offering conducted without an underwriter or placement agent. The
net proceeds from the offering, after deducting estimated offering
expenses, will be approximately $23.5 million. The offering is
expected to close on or about March 20, 2019.
Plug Power plans to use the net proceeds of the offering for
working capital and general corporate purposes.
The securities described above are being offered pursuant to a
shelf registration statement (File No. 333-214737), which was
declared effective by the United States Securities and Exchange
Commission ("SEC") on December 9, 2016. A prospectus supplement
relating to the registered direct offering will be filed by the
Company with the SEC. When filed with the SEC, copies of the
prospectus supplement and the accompanying base prospectus relating
to this offering may be obtained at the SEC's website at
www.sec.gov or from Plug Power Inc., 968 Albany Shaker Road,
Latham, NY 12110, Attention: Investor Relations.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy any securities of the Company in
the registered direct offering. There shall not be any offer,
solicitation of an offer to buy, or sale of the securities in any
state or jurisdiction in which such offer, solicitation or sale
would be unlawful prior to registration or qualification under the
securities laws of any such state or jurisdiction. Any registered
direct offering will be made only by means of a prospectus,
including a prospectus supplement, forming a part of the effective
registration statement.
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. 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.
SOURCE: PLUG POWER
Media and Investor Relations Contact: Teal
Vivacqua HoyosPlug Power Inc. Phone: 518.738.0269Email:
media@plugpower.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