Item 1.01 Entry Into a Material Definitive Agreement.
On January 26, 2021, Plug Power Inc.
(the “Company”) entered into an underwriting agreement (the “Underwriting Agreement”) with Morgan Stanley
& Co. LLC, as representative of the several underwriters named in Schedule I thereto (the “Underwriters”), pursuant
to which the Company agreed to issue and sell 28,000,000 shares of its common stock, par value $0.01 per share (the “Common
Stock”), at a public offering price of $65.00 per share (the “Offering”).
Under the terms of the Underwriting Agreement, the Company granted the Underwriters a 30-day option to purchase up to an additional
4,200,000 shares of Common Stock at the public offering price, less the underwriting discount.
The Company estimates that the net proceeds from the Offering,
after deducting the underwriting discount and estimated offering expenses payable by the Company, will be approximately $1.8 billion
(or approximately $2.0 billion if the Underwriters exercise their option to purchase additional shares of Common Stock in full).
The Company 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 Offering is expected to close on or about January 29, 2021, subject to customary closing conditions. The Offering was made
pursuant to the Company’s effective registration statement on Form S-3 (Registration Statement No. 333-235328), filed with
the Securities and Exchange Commission on December 2, 2019, including the prospectus contained therein, and a prospectus supplement
filed with the Securities and Exchange Commission.
The Underwriting
Agreement contains customary representations, warranties, covenants and agreements by the Company, customary conditions to closing
and indemnification obligations of the Company and the Underwriters, including for liabilities under the Securities Act of 1933,
as amended. The representations, warranties, covenants and agreements contained in the Underwriting Agreement were made only for
purposes of such agreement and as of specific dates, were solely for the benefit of the parties to such agreement and may be subject
to limitations agreed upon by the contracting parties.
The foregoing is a summary description
of the Underwriting Agreement and is qualified in its entirety by the text of the Underwriting Agreement attached as Exhibit 1.1
to this Current Report on Form 8-K and incorporated herein by reference.
In connection with the filing of the Underwriting
Agreement, the Company is filing as Exhibit 5.1 hereto an opinion of its counsel, Goodwin Procter LLP, regarding the legality of
the shares issued in the Offering.
Cautionary
Statement Regarding Forward-Looking Statements
This Current Report on Form 8-K contains certain “forward-looking”
statements within the meaning of the federal securities laws. Statements that are predictive in nature, that depend on or relate to future
events or conditions, or that include words such as “believes”, “anticipates”, “expects”, “may”,
“will”, “would,” “should”, “estimates”, “could”, “intends”, “plans”
or other similar expressions are forward-looking statements. Forward-looking statements involve significant known and unknown risks and
uncertainties that may cause the Company's actual results in future periods to differ materially from those projected or contemplated
in the forward-looking statements as a result of, but not limited to, the following factors: timing and consummation of the Offering;
the intended use of the net proceeds from the Offering; and risks and uncertainties related to market conditions and satisfaction of customary
conditions to closing related to the Offering. These and other potential risks and uncertainties that could cause actual results to differ
from the results predicted are more fully detailed in the Company's filings and reports with the Securities and Exchange Commission, 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 the
Company from time to time with the SEC. The Company disclaims any obligation to update forward-looking statements.