Plug Power Inc. Announces Proposed Public Offering of Common Stock

Rhea-AI Summary

Plug Power Inc. (NASDAQ: PLUG), a leader in green hydrogen solutions, has announced a proposed public offering of $200 million of its common stock. The company plans to grant underwriters a 30-day option to purchase up to $30 million of additional shares. Proceeds will be used for general corporate purposes. Morgan Stanley is acting as the sole book-running manager for the offering.

The offering is subject to market conditions, and its completion, size, and terms are not guaranteed. Plug Power has filed an automatic shelf registration statement with the SEC, and a preliminary prospectus supplement will be filed. Investors are advised to read the prospectus and related documents before investing.

Positive

• Potential to raise up to $230 million in capital
• Funds to be used for general corporate purposes, potentially supporting growth initiatives

Negative

• Potential dilution of existing shareholders' equity
• Offering subject to market conditions, indicating uncertainty in completion
• No specific allocation of funds mentioned, reducing transparency for investors

LATHAM, N.Y., July 18, 2024 (GLOBE NEWSWIRE) -- Plug Power Inc. (“Plug Power”) (NASDAQ: PLUG), a global leader in comprehensive hydrogen solutions for the green hydrogen economy, today announced that it has commenced an underwritten public offering of $200,000,000 of its common stock. In connection with the offering, Plug Power intends to grant the underwriters a 30-day option to purchase up to $30,000,000 of additional shares of common stock. Plug Power intends to use the net proceeds from the offering for general corporate purposes.

Morgan Stanley is acting as the sole book-running manager for the offering. The proposed offering is subject to market and other conditions and there can be no assurance as to whether or when the offering may be completed, or as to the actual size or terms of the proposed offering.

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 an end-to-end green hydrogen ecosystem, from production, storage, and delivery to energy generation, to help its customers meet their business goals and decarbonize the economy. In creating the first commercially viable market for hydrogen fuel cell technology, the company has deployed more than 69,000 fuel cell systems and over 250 fueling stations, more than anyone else in the world, and is the largest buyer of liquid hydrogen.

With plans to operate a green hydrogen highway across North America and Europe, Plug Power built a state-of-the-art Gigafactory to produce electrolyzers and fuel cells and is developing multiple green hydrogen production plants targeting commercial operation by year-end 2028. Plug Power delivers its green hydrogen solutions directly to its customers and through joint venture partners into multiple environments, including material handling, e-mobility, power generation, and industrial applications.

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 and uncertainties related to market conditions. 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, 2023, the Quarterly Report on Form 10-Q for the quarter ended March 31, 2024, 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

Fatimah Nouilati
Allison
plugPR@allisonpr.com

FAQ

What is the size of Plug Power's (PLUG) proposed public offering?

Plug Power (PLUG) has announced a proposed public offering of $200 million of its common stock, with an additional option for underwriters to purchase up to $30 million of shares.

How does Plug Power (PLUG) plan to use the proceeds from the stock offering?

Plug Power (PLUG) intends to use the net proceeds from the offering for general corporate purposes, though specific allocations were not detailed in the announcement.

Who is managing Plug Power's (PLUG) public stock offering?

Morgan Stanley is acting as the sole book-running manager for Plug Power's (PLUG) proposed public offering of common stock.

When will Plug Power's (PLUG) stock offering be completed?

The completion date for Plug Power's (PLUG) stock offering is not specified. The announcement states that the offering is subject to market conditions and there is no assurance as to when or if it will be completed.