Plug Power plans common stock offering
LATHAM — Plug Power Inc. announced today that it will offer shares of its common stock in an underwritten public offering. The move will allow the Latham fuel cell maker to raise funds for possible capital expenditures.
The offering is subject to market conditions, according to a news release issued today, and there is no assurance as to whether or when the offering will be completed, or as to the actual size or terms of the offering.
Cowen and Company, LLC, a New York City that offers investment banking services, will act as the sole underwriter for the offering.
Plug Power intends to use the net proceeds of the offering for general corporate purposes, which may include capital expenditures.
This is just the latest move by Plug Power to raise capital. In July, Plug Power stockholders gave the company permission to perform a reverse stock split that would reduce the number of shares each stockholder has, creating a proportional increase in the share price. New shares would be issued for every 10 to 25 old shares.
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