A money management firm is calling for an alternate board to be voted in at Plug Power’s next annual meeting, saying they are “appalled by the recent actions” of the board, according to a filing made today with the U.S. Securities and Exchange Commission.
The statement, made on behalf of Boston-based global asset manager Interinvest Corporation Inc., its two subsidiaries and its chairman Hans Black, comes a week after Plug Power announced it had priced a public offering of more than 18.9 million shares of its common stock and accompanying warrants so that it could purchase these shares at 15 cents each. The sale would raise $2.4 million for the Latham-based manufacturer of fuel cell systems. The offering was expected to close Wednesday.
Interinvest called the offering an “irrational proposition” and a “clear and uncalled for destruction of shareholder value” in the SEC filing.
Plug Power has been on precarious financial footing for months. Last fall, the company was put on notice that it wasn’t in compliance with NASDAQ rules because of too-low bid prices on its common stock over a period of 30 days. In December, the company laid off 22 full-time employees.