Plug Power Inc. Announces Proposed Public Offering of Common Stock
July 18 2024 - 3:01PM
Plug Power Inc. (“Plug Power”) (NASDAQ: PLUG), a global leader in
comprehensive hydrogen solutions for the green hydrogen economy,
today announced that it has commenced an underwritten public
offering of $200,000,000 of its common stock. In connection with
the offering, Plug Power intends to grant the underwriters a 30-day
option to purchase up to $30,000,000 of additional shares of common
stock. Plug Power intends to use the net proceeds from the offering
for general corporate purposes.
Morgan Stanley is acting as the sole book-running
manager for the offering. The proposed offering is subject to
market and other conditions and there can be no assurance as to
whether or when the offering may be completed, or as to the actual
size or terms of the proposed offering.
The securities described are being offered by Plug
Power pursuant to an automatic shelf registration statement on Form
S-3 that was previously filed with the Securities and Exchange
Commission (the “SEC”) and declared effective by the SEC. A
preliminary prospectus supplement related to the offering will be
filed with the SEC. Before you invest, you should read the
preliminary prospectus supplement and the accompanying prospectus
in that registration statement and other documents filed with the
SEC for more information about Plug Power and this offering. You
may obtain these documents free of charge by visiting the SEC’s
website at www.sec.gov. Copies of the preliminary prospectus and
the accompanying prospectus relating to the securities being
offered may also be obtained from Morgan Stanley at Morgan Stanley
& Co. LLC, Attention: Prospectus Department, 180 Varick Street,
2nd Floor, New York, NY 10014.
This press release does not and shall not
constitute an offer to sell or a solicitation of an offer to buy
any shares of Plug Power’s common stock, nor shall there be any
offer, solicitation or sale of such shares, in any state or
jurisdiction in which such an offer, solicitation or sale would be
unlawful prior to registration or qualification under the
securities laws of any such state or jurisdiction.
About Plug Power
Plug Power is building an end-to-end green
hydrogen ecosystem, from production, storage, and delivery to
energy generation, to help its customers meet their business goals
and decarbonize the economy. In creating the first commercially
viable market for hydrogen fuel cell technology, the company has
deployed more than 69,000 fuel cell systems and over 250 fueling
stations, more than anyone else in the world, and is the largest
buyer of liquid hydrogen.
With plans to operate a green hydrogen highway
across North America and Europe, Plug Power built a
state-of-the-art Gigafactory to produce electrolyzers and fuel
cells and is developing multiple green hydrogen production plants
targeting commercial operation by year-end 2028. Plug Power
delivers its green hydrogen solutions directly to its customers and
through joint venture partners into multiple environments,
including material handling, e-mobility, power generation, and
industrial applications.
Cautionary Language Concerning
Forward-Looking Statements
This press release contains “forward-looking
statements” within the meaning of the “safe harbor” provisions of
the Private Securities Litigation Reform Act of 1995. All
statements other than statements of historical facts contained in
this press release, including statements regarding the offering and
the anticipated use of the net proceeds from the offering, are
forward-looking statements. These forward-looking statements are
made as of the date they were first issued and are based on current
expectations, estimates, forecasts and projections as well as the
beliefs and assumptions of management. Forward-looking statements
are subject to a number of risks and uncertainties, many of which
involve factors or circumstances that are beyond Plug Power’s
control. Plug Power’s actual results could differ materially from
those stated or implied in forward-looking statements due to a
number of factors, including, but not limited to, the risks related
to the offering of the shares and uncertainties related to market
conditions. These and other potential risks and uncertainties that
could cause actual results to differ from the results predicted are
more fully detailed in Plug Power’s filings and reports with the
SEC, including the Annual Report on Form 10-K for the year ended
December 31, 2023, the Quarterly Report on Form 10-Q for the
quarter ended March 31, 2024, as well as other filings and
reports that are filed by Plug Power from time to time with
the SEC. Plug Power anticipates that subsequent events and
developments will cause its views to change and you should consider
these factors in evaluating the forward-looking statements and not
place undue reliance on such statements. Plug Power undertakes
no intention or obligation to update or revise any forward-looking
statements, whether as a result of new information, future events
or otherwise. These forward-looking statements should not be relied
upon as representing Plug Power’s views as of any date subsequent
to the date of this press release.
Media Contact
Fatimah Nouilati Allison plugPR@allisonpr.com
Plug Power (NASDAQ:PLUG)
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