Plug Power Inc. announced the pricing of an upsized underwritten registered offering, expecting to generate approximately $280 million in aggregate gross proceeds. The offering includes 185,430,464 common stock equivalents, comprising shares of common stock and pre-funded warrants.
Each share of common stock and accompanying warrant were sold at a combined price of $1.51, while each pre-funded warrant and accompanying warrant were sold at $1.509. The warrants have an exercise price of $2.00 per share, exercisable six months from issuance and expiring in three years.
The net proceeds from this offering are intended for working capital and general corporate purposes. CEO Andy Marsh stated that this funding will strengthen the company's financial position and help drive profitability in 2025, despite the significant dilution involved.
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