Plug Power to sell 15 million shares of common stock
Plug Power is planning to sell 15 million shares of its common stock in an underwritten public offering, the company announced Tuesday night.
The Latham fuel cell maker intends to use the net proceeds from the offering for working capital and general corporate purposes, which may include potential acquisitions and capital expenditures.
Shares of Plug Power stock fell to $6.02 Wednesday after the company announced the offering.
New York City firms Morgan Stanley & Co. LLC and Barclays Capital Inc. will serve as the book runners. New York City firm Cowen and Company, LLC and Virginia firm FBR Capital Markets & Co. are acting as co-managers for the offering.
As recently as March, Plug Power sold about $22.4 million worth of common stock to a single institutional investor in an underwritten registered offering. It priced more than 3.9 million shares of its common stock to be sold at a public price of $5.74 a share.
In January, the company announced that it had raised a net $28 million after completing an underwritten registered offering of 10 million shares of its common stock.
Proceeds from both recent offerings were also designated for working capital and general corporate purposes.
Follow @GazetteBiz on Twitter.