4 months ago
Key Takeaways
- Plug Power said it would connection astir 79 cardinal shares astatine a value of $2.54 each, which would make gross proceeds of $200 million.
- The value was beneath Thursday's close, and nan company's shares fell Friday.
- The institution didn't specify a usage for nan proceeds.
Plug Power (PLUG) banal tumbled aft nan institution said it would waste much shares to nan public, which it expects to make $200 cardinal successful proceeds.
The hydrogen substance compartment shaper said it would waste astir 79 cardinal shares astatine $2.54 each, beneath Thursday's adjacent of $2.92. Shares of Plug Power dropped 15% to $2.46 Friday morning.
The offering is expected to adjacent connected July 22, nan institution said. As portion of nan deal, underwriters person nan action to bargain different 11.8 cardinal shares for 30 days. Plug Power said it plans to usage nan proceeds for wide firm purposes. Investors are sometimes wary of specified offerings since they tin dilute net per share.
The offering comes 2 months aft Plug Power announced nan receipt of a conditional U.S. authorities indebtedness guarantee weighted astatine up to $1.66 cardinal to build and create up to six greenish hydrogen accumulation facilities.
Plug Power's shares are down much than 40% this year, though they're holding supra 52-week lows.
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