Plug Power, Inc. (NASDAQ:PLUG) shares are trading lower on Friday.
According to Benzinga Pro, PLUG stock has lost over 77% in the past year. Investors can gain exposure to the stock via Global X Hydrogen ETF (NASDAQ:HYDR) and ETF Series Solutions Defiance Next Gen H2 ETF (NYSE:HDRO).
The company revealed the pricing of its previously announced underwritten public offering of 78.74 million shares of its common stock at a price to the public of $2.54 per share.
The offering is anticipated to conclude around July 22, 2024, pending market and customary closing conditions.
Also Read: Plug Power Pockets 25 MW Green Hydrogen Electrolyzer Order In Europe: Details Here
As part of the offering, Plug Power has provided the underwriters a 30-day option to buy up to an additional 11.81 million shares of common stock at the offering price, minus the underwriting discount.
Plug Power anticipates gross proceeds from the offering to be approximately $200 million, before deducting the underwriting discount and other related expenses.
The net proceeds will be utilized for general corporate purposes.
Recently, the company said it has completed deployment of 13 hydrogen refueling stations (HRS) over the last two years across Europe.
The company said its HRS installations are facilitating various material handling and mobility applications throughout the U.K., France, Germany, Spain, and the Netherlands.
Price Action: PLUG shares are trading lower by 13.4% to $2.52 premarket at last check Friday.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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