September 17, 2013

Plug Power sells 21 million shares

By: Barbara Pinckney

Source: The Business Review

Plug Power Inc. (Nasdaq), has completed its previously-announced stock offering, selling more than 21 million shares.

The Latham, NY company, which makes the hydrogen fuel cells large companies use to power the forklifts used in manufacturing facilities and distribution warehouses, will net about $10.5 million from the sale after expenses. In an interview last week, CEO Andy Marsh said the money will be used for general corporate expense and working capital as Plug ramps up its sales over the next six-to-12 months.

The company sold a total of 21.4 million shares at 54 cents a share. This includes the 18.6 million shares originally offered, and the underwriter’s exercise of its option to purchase an additional 2.8 million.

Stock in Plug closed Sept. 16 at 62 cents a share