Summary by Moomoo AI
Plug Power Inc. has announced the offering of up to 78,740,157 shares of its common stock under the symbol 'PLUG' on the Nasdaq Capital Market. The offering is detailed in a prospectus supplement filed pursuant to Rule 424(b)(5) with the Securities and Exchange Commission (SEC), under Registration No. 333-265488. The last reported sale price of Plug Power's common stock was $3.06 per share as of July 17, 2024. The offering includes an underwriting discount of $0.11430 per share, totaling $9,000,000, with net proceeds expected to be approximately $191,000,000. Morgan Stanley is acting as the sole book-running manager for the offering, with additional co-managers including Canaccord Genuity, Oppenheimer & Co., Roth Capital Partners, BTIG, and Craig-Hallum. The underwriters have been granted a 30-day option to purchase up to an additional 11,811,023 shares of common stock. The closing of the offering is expected to occur on or about July 22, 2024.