Plug Power Raising $124.3 Million in Follow-on Offering
The company priced 22.6 million shares at $5.50 each, Latham, New York-based Plug said today in a statement. The offering is expected to close on April 30. That’s more than the 15 million shares the company said April 22 it expected to sell.
Plug plans to use the estimated $116.3 million in net proceeds for general corporate purposes, including potential acquisitions. Underwriters have a 30-day option to buy an additional 3.4 million shares.
The company offers fuel cells that power electric forklifts, using components from Ballard Power Systems Inc. (BLD) It said in March that it would source the fuel-cell stacks from another supplier this year and also would begin producing them in-house. Plug bought ReliOn Inc. this month for about $4 million, gaining its own stack technology.
Plug fell 5.2 percent to $5.67 at 10:12 a.m. in New York, its fifth consecutive day of declines and the longest losing streak this year. The company has gained more that 3,000 percent in the past year.
Fuel cells produce electricity from natural gas or hydrogen through a chemical reaction.
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