Plug Power sheds 8.6% after-hours, proposes public offering of common stock

July 19, 2024 06:26 AM AEST | By Investing

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Plug Power sheds 8.6% after-hours, proposes public offering of common stock

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Investing.com - Plug Power Inc (NASDAQ:PLUG), an international frontrunner in comprehensive hydrogen solutions for the green hydrogen economy, fell 8.6% in after-hours trade on Thursday after announcing the initiation of an underwritten public offering of $200,000,000 of its common stock.

As part of the offering, Plug Power plans to provide the underwriters with a 30-day option to buy up to an additional $30,000,000 of common stock. The company intends to utilize the net proceeds from the offering for general corporate purposes.

Morgan Stanley (NYSE:MS) has been appointed as the sole book-running manager for the proposed offering. However, the completion of the offering is contingent on market and other conditions, and there can be no guarantee as to when or if the offering will be completed, or the actual size or terms of the proposed offering.

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The securities being offered by Plug Power are part of an automatic shelf registration statement on Form S-3 that has been previously filed with and declared effective by the Securities and Exchange Commission (SEC). A preliminary prospectus supplement related to the offering will be filed with the SEC.

The announcement does not constitute an offer to sell or a solicitation of an offer to buy any shares of Plug Power’s common stock.

This article first appeared in Investing.com

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