Plug Power is selling about $22.4 million in common stock to a single institutional investor, the company announced this week.
The Latham fuel cell maker said it has priced an underwritten registered offering of more than 3.9 million shares of its common stock to be sold at a public price of $5.74 a share. Cowen and Company, LLC, is acting as the sole underwriter for the offering.
After Plug Power pays underwriting discounts, commissioners and other fees and expenses, it expects net proceeds on the sale to be about $21.5 million. It will use the funds for working capital and other general purposes, including capital expenditures.
As recently as 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. Those proceeds were also designated for working capital and general corporate purposes.
Shares of the company’s common stock surged last week after Plug Power announced it had signed a contract to power six Walmart distribution centers with its new turnkey hydrogen fuel cell system over the next two years.