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Plug Power Inc Announces Pricing Of Public Offering

Thursday, 14 Feb 2013 08:40am EST 

Plug Power Inc 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. 

Company Quote

0.08 +1.86%
3:34pm EDT