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Plug Power Inc Announces Closing of Public Offering of Common Stock and Full Exercise of Overallotment Option

Monday, 16 Sep 2013 04:01pm EDT 

Plug Power Inc announced the completion of its previously announced underwritten public offering of 18,600,000 shares of its common stock at $0.54 per share. Plug Power also announced that the underwriter exercised in full its option to purchase an additional 2,790,000 shares of its common stock at $0.54 per share to cover overallotments. The sale of the additional 2,790,000 shares was also completed. Cowen and Company, LLC acted as the sole underwriter for the offering. Net proceeds, after underwriting discounts and commissions and other estimated fees and expenses payable by Plug Power, will be approximately $10.5 million which includes the net proceeds from the sale of the shares pursuant to the overallotment option. Plug Power intends to use the net proceeds of the offering for working capital and other general corporate purposes, including capital expenditures.