Plug Power Inc. Announces Pricing of Public Offering
LATHAM, NY -- (Marketwire) -- 02/14/13 -- Plug Power Inc. (NASDAQ:
PLUG), a leader in providing clean, reliable energy solutions, today
announced that it has priced an underwritten public offering of
18,910,000 shares of its common stock and accompanying warrants to
purchase 18,910,000 shares of common stock. The shares and the
warrants will be sold together as a fixed combination, with each
combination consisting of one share of common stock and one warrant
to purchase one share of common stock, at a price to the public of
$0.15 per fixed combination for gross proceeds of approximately $2.8
million. The warrants have an exercise price of $0.15 per share, are
immediately exercisable and will expire on February 20, 2018.
Roth Capital Partners is acting as sole book-running manager and
Northland Capital Markets is acting as co-manager in the offering.
Net proceeds, after underwriting discounts and commissions but before
other estimated fees and expenses payable by Plug Power, will be
approximately $2.4 million.
Plug Power intends to use the net proceeds of the offering for
working capital and other general corporate purposes, including
capital expenditures. In connection with the offering, Plug Power has
granted the underwriters a 45-day option to purchase up to an
additional 2,836,500 shares of common stock and/or warrants to
purchase 2,836,500 shares of common stock to cover over-allotments,
if any. The offering is expected to close on or about February 20,
2013, subject to satisfaction of customary closing conditions.
A registration statement on Form S-1 relating to this offering was
declared effective by the Securities and Exchange Commission (SEC) on
February 13, 2013. The securities may be offered only by means of a
prospectus. When available, a copy of the final prospectus will be
available on the SEC's website located at www.sec.gov. Electronic
copies of the final prospectus, when available, also may be obtained
from Roth Capital Partners, LLC, Equity Capital Markets, 888 San
Clemente Drive, Newport Beach, CA 92660, at 800-678-9147 and
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy these securities, nor shall there be
sale of these securities in any jurisdiction in which such offer,
solicitation or sale would be unlawful prior to the registration or
qualification under the securities laws of any such jurisdiction.
About Plug Power Inc.
Plug Power Inc., an alternative energy
technology provider, engages in the design, development,
commercialization, and manufacture of fuel cell systems for the
industrial off-road markets worldwide. The company develops and sells
a range of fuel cell systems comprising hydrogen-fueled Proton
Exchange Membrane (PEM) systems. Its product line includes PEM
GenDrive products for sale on commercial terms for industrial
off-road consisting of forklift or material handling applications,
with a focus on multi-shift high volume manufacturing and high
throughput distribution sites. The company sells its products to
business, industrial, and government customers through direct product
sales force, original equipment manufacturers, and their dealer
networks. The company was founded in 1997 and is headquartered in
Latham, New York. Additional information about Plug Power is
available at www.plugpower.com.
Plug Power Inc. Safe Harbor Statement
This communication contains
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995, including statements
regarding increased reliability and improved lift and towing capacity
of Plug Power's GenDrive product, and Plug Power's expectations
regarding its HyPulsion joint venture. These statements are based on
current expectations that are subject to certain assumptions, risks
and uncertainties, any of which are difficult to predict, are beyond
Plug Power's control and that may cause Plug Power's actual results
to differ materially from the expectations in Plug Power's
forward-looking statements including the risk that we may not have
sufficient cash to fund our operations to profitability and that we
may be required to seek strategic alternatives, including but not
limited to a potential business combination or a sale of the company,
or reduce and/or cease our operations, and other risks and
uncertainties related to satisfaction of the closing conditions of
the offering, the estimated proceeds from the offering and the
anticipated use of proceeds from the offering. Plug Power does not
intend to, and undertakes no duty to update any forward-looking
statements as a result of new information or future events.
Media & Investor Relations Contact:
Gerard L. Conway, Jr.
Plug Power Inc.
Phone: (518) 782-7700
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