Plug Power Inc. Prices $20.0 Million Public Offering of Common Stock and Warrants
May 25 2011 - 7:24AM
Plug Power Inc. (Nasdaq:PLUGD), a leader in providing clean,
reliable energy solutions, today announced that it has priced an
underwritten public offering of 8,265,000 shares of its common
stock and warrants to purchase an aggregate of 6,198,750 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 $2.42 per fixed combination for
gross proceeds of approximately $20.0 million. The warrants have an
exercise price of $3.00 per share, are immediately exercisable and
will expire on May 31, 2016.
ROTH Capital Partners is acting as the sole manager for the
offering.
Net proceeds, after underwriting discounts and commissions and
other estimated fees and expenses payable by Plug Power, and
assuming the warrants are not exercised, will be approximately
$18.3 million.
Plug Power intends to use the net proceeds of the offering for
general corporate purposes, which may include working capital,
capital expenditures, research and development expenditures,
commercial expenditures, acquisitions of new technologies or
businesses that are complementary to its current technologies or
business focus, and investments. In connection with the offering,
Plug Power has granted the underwriter a 45-day option to purchase
up to an additional 1,239,750 shares of common stock and warrants
to purchase an aggregate of 929,813 shares of common stock to cover
over-allotments, if any. The offering is expected to close on or
about May 31, 2011, subject to satisfaction of customary
closing conditions.
The securities described above are being offered by Plug Power
Inc. pursuant to a shelf registration statement on Form S-3
including a base prospectus, previously filed and declared
effective by the Securities and Exchange Commission (SEC). The
securities may be offered only by means of a prospectus. A
preliminary prospectus supplement related to the offering was filed
with the SEC on May 24, 2011 and a final prospectus supplement
related to the offering will be filed with the SEC and will be
available on the SEC's website located at www.sec.gov. Electronic
copies of the final prospectus supplement, when available, also may
be obtained from Roth Capital Partners, LLC Equity Capital Markets,
24 Corporate Plaza, Newport Beach, CA 92660, at 800-678-9147 and
Rothecm@roth.com.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy these securities, nor shall there
be any 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.
The architects of modern fuel cell technology, Plug Power
revolutionized the industry with cost-effective power solutions
that increase productivity, lower operating costs and reduce carbon
footprints. Long-standing relationships with industry leaders
forged the path for Plug Power's key accounts, including Wegmans,
Whole Foods, and FedEx Freight. With more than 1,200 GenDrive units
shipped to material handling customers, accumulating over 2.5
million hours of runtime, Plug Power manufactures tomorrow's
incumbent power solutions today. Additional information about Plug
Power is available at www.plugpower.com.
The Plug Power Inc. logo is available at
http://www.globenewswire.com/newsroom/prs/?pkgid=4446
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 but not limited to Plug Power's expected use of the
net proceeds from the offering. 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 statements regarding the risk
that unit orders will not ship, be installed and/or convert to
revenue, in whole or in part; the cost and timing of developing
Plug Power's products and its ability to raise the necessary
capital to fund such development costs; the ability to achieve the
forecasted gross margin on the sale of Plug Power's products; the
actual net cash used for operating expenses may exceed the
projected net cash for operating expenses; the cost and
availability of fuel and fueling infrastructures for Plug Power's
products; market acceptance of Plug Power's GenDrive system; Plug
Power's ability to establish and maintain relationships with third
parties with respect to product development, manufacturing,
distribution and servicing and the supply of key product
components; the cost and availability of components and parts for
Plug Power's products; Plug Power's ability to develop commercially
viable products; Plug Power's ability to reduce product and
manufacturing costs; Plug Power's ability to successfully expand
its product lines; Plug Power's ability to improve system
reliability for GenDrive; competitive factors, such as price
competition and competition from other traditional and alternative
energy companies; Plug Power's ability to manufacture products on a
large-scale commercial basis; Plug Power's ability to protect its
intellectual property; the cost of complying with current and
future governmental regulations; and other risks and uncertainties
discussed under "Item IA-Risk Factors" in (i) Plug Power's annual
report on Form 10-K for the fiscal year ended December 31, 2010,
filed with the Securities and Exchange Commission ("SEC") on March
31, 2011 and (ii) in Plug Power's quarterly report on Form 10-Q for
the quarter ended March 31, 2011 filed with the SEC on May 13,
2011, as well as in the other reports Plug Power files from time to
time with the SEC. 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.
CONTACT: Media Contact:
Reid Hislop
Plug Power Inc.
Phone: (518) 782-7700 ext. 1360
Investor Relations Contact:
Cathy Yudzevich
Plug Power Inc.
Phone: (518) 782-7700 ext. 1448
Plug Power, Inc. (MM) (NASDAQ:PLUGD)
Historical Stock Chart
From Oct 2024 to Oct 2024
Plug Power, Inc. (MM) (NASDAQ:PLUGD)
Historical Stock Chart
From Oct 2023 to Oct 2024