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MarketScreener Homepage  >  Equities  >  Nasdaq  >  Plug Power Inc.    PLUG

PLUG POWER INC.

(PLUG)
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Plug Power Inc. Announces Pricing of Upsized Public Offering of Common Stock

01/26/2021 | 09:45pm EST

LATHAM, N.Y., Jan. 26, 2021 (GLOBE NEWSWIRE) -- Plug Power Inc. (“Plug Power”) (NASDAQ: PLUG), a leader in providing clean, reliable energy solutions, today announced the pricing of an upsized offering of 28,000,000 shares of its common stock at a price to the public of $65.00 per share. Plug Power has granted the underwriters a 30-day option to purchase up to an additional 4,200,000 shares at the public offering price, less the underwriting discount. The offering is expected to close on or about January 29, 2021, subject to satisfaction of customary closing conditions. Morgan Stanley is acting as sole book-running manager.

The securities described are being offered by Plug Power pursuant to an automatic shelf registration statement on Form S-3 that was previously filed with the Securities and Exchange Commission (the “SEC”) and declared effective by the SEC. A preliminary prospectus supplement related to the offering has been filed with the SEC. Before you invest, you should read the preliminary prospectus supplement and the accompanying prospectus in that registration statement and other documents filed with the SEC for more information about Plug Power and this offering. You may obtain these documents free of charge by visiting the SEC’s website at www.sec.gov. Copies of the preliminary prospectus and the accompanying prospectus relating to the securities being offered may also be obtained from Morgan Stanley at Morgan Stanley & Co. LLC, Attention: Prospectus Department, 180 Varick Street, 2nd Floor, New York, NY 10014.

This press release does not and shall not constitute an offer to sell or a solicitation of an offer to buy any shares of Plug Power’s common stock, nor shall there be any offer, solicitation or sale of such shares, in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About Plug Power

Plug Power is building the hydrogen economy as the leading provider of comprehensive hydrogen fuel cell (HFC) turnkey solutions. The company’s innovative technology powers electric motors with hydrogen fuel cells amid an ongoing paradigm shift in the power, energy, and transportation industries to address climate change and energy security, while providing efficiency gains and meeting sustainability goals.

Plug Power created the first commercially viable market for HFC technology. As a result, the company has deployed over 40,000 fuel cell systems for e-mobility, more than anyone else in the world, and has become the largest buyer of liquid hydrogen, having built and operated a hydrogen highway across North America. Plug Power delivers a significant value proposition to end-customers, including meaningful environmental benefits, efficiency gains, fast fueling, and lower operational costs.

Plug Power’s vertically-integrated GenKey solution ties together all critical elements to power, fuel, and provide service to customers such as Amazon, BMW, The Southern Company, Carrefour, and Walmart. The company is now leveraging its know-how, modular product architecture, and foundational customers to rapidly expand into other key markets including zero-emission on-road vehicles, robotics, and data centers.

Cautionary Language Concerning Forward-Looking Statements

This press release contains “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical facts contained in this press release, including statements regarding the offering of the shares and the closing of the offering, are forward-looking statements. These forward-looking statements are made as of the date they were first issued and are based on current expectations, estimates, forecasts and projections as well as the beliefs and assumptions of management. Forward-looking statements are subject to a number of risks and uncertainties, many of which involve factors or circumstances that are beyond Plug Power’s control. Plug Power’s actual results could differ materially from those stated or implied in forward-looking statements due to a number of factors, including, but not limited to, the risks related to the offering of the shares, market risks and uncertainties and the impact of any natural disasters or public health emergencies, such as the COVID-19 pandemic. These and other potential risks and uncertainties that could cause actual results to differ from the results predicted are more fully detailed in Plug Power’s filings and reports with the SEC, including the Annual Report on Form 10-K for the year ended December 31, 2019, as amended and supplemented by the Quarterly Reports on Form 10-Q for the quarters ended March 31, 2020, June 30, 2020 and September 30, 2020, as well as other filings and reports that are filed by Plug Power from time to time with the SEC. Plug Power anticipates that subsequent events and developments will cause its views to change and you should consider these factors in evaluating the forward-looking statements and not place undue reliance on such statements. Plug Power undertakes no intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. These forward-looking statements should not be relied upon as representing Plug Power’s views as of any date subsequent to the date of this press release.

Media Contact
Ian Martorana
The Bulleit Group
plugpowerPR@bulleitgroup.com


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© GlobeNewswire 2021
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Financials (USD)
Sales 2020 303 M - -
Net income 2020 -114 M - -
Net cash 2020 754 M - -
P/E ratio 2020 -144x
Yield 2020 -
Capitalization 24 663 M 24 663 M -
EV / Sales 2020 79,0x
EV / Sales 2021 50,7x
Nbr of Employees 629
Free-Float 96,1%
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Mean consensus BUY
Number of Analysts 14
Average target price 69,25 $
Last Close Price 46,58 $
Spread / Highest target 88,9%
Spread / Average Target 48,7%
Spread / Lowest Target -54,9%
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Managers and Directors
NameTitle
Andrew J. Marsh President, Chief Executive Officer & Director
Paul B. Middleton Chief Financial Officer & Senior Vice President
George C. McNamee Chairman
Keith C. Schmid Chief Operating Officer & Senior Vice President
Maureen O. Helmer Independent Director
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