Plug Power Inc. Announces Pricing of Public Offering of Common Stock
August 11 2020 - 9:25PM
Plug Power Inc. (“Plug Power”) (Nasdaq: PLUG), a leader in
providing clean, reliable energy solutions, today announced the
pricing of the previously announced offering of 30,675,000 shares
of its common stock at a price to the public of $10.25 per share.
Plug Power has granted the underwriters a 30-day option to purchase
up to an additional 4,601,250 shares at the public offering price,
less the underwriting discount. The offering is expected to close
on or about August 14, 2020, subject to satisfaction of customary
closing conditions. Morgan Stanley is acting as sole
book-running manager and Barclays, Roth Capital Partners,
Craig-Hallum Capital Group and H.C. Wainwright are acting as
co-managers.
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 has been
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
hydrogen fuel cell (HFC) technology. As a result, the company has
deployed approximately 35,000 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 of the shares and the
closing of 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 and June 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 MartoranaThe Bulleit
Group(415) 237-3681plugpowerPR@bulleitgroup.com
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