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Published: January 17, 2024 at 5:32 PM ET
Plug Power announced Wednesday that it may begin selling its shares, but the company’s shares fell sharply in late trading.
Plug Power Plug, an alternative energy company, announced in an afternoon filing with the Securities and Exchange Commission that the company has entered into an on-market placement and sale agreement with B. Riley Securities to sell up to $1 billion in common stock. He said he could sell it. .
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Plug Power announced Wednesday that it may begin selling its shares, but the company’s shares fell sharply in late trading.
Alternative energy company enters into market issue and sale agreement with B. Riley Securities that allows it to sell up to $1 billion in Plug Power common stock
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It said in a filing with the Securities and Exchange Commission this afternoon.
The hydrogen fuel cell technology company’s stock has tumbled over the past year, losing more than 80% of its value in 12 months. Shares fell another 16% in extended trading on Wednesday.
As losses mounted, the company cited “unprecedented” supply chain issues and postponed production schedules at its factories in its last financial results in early November. Plug Power also issued a warning of continuing concerns in November.
In its final letter to shareholders, Plug Power said it needed to access additional capital given its “existing cash and liquidity position” and business plan requirements. At the time, the company said it was “pursuing a number of debt capital and project finance solutions.”
Susquehanna lowered its stock price earlier this month, citing “delays related to both the construction of PLUG’s green hydrogen production facility and securing external financing sources to fund its growth plans.”
“Furthermore, recent Treasury guidance on production tax credits is less favorable than expected and could result in PLUG relocating future production facilities,” analyst Biju Perrincheril said in a note to clients. Ta. “While we like our end-to-end solution for the hydrogen ecosystem, we will remain on the sidelines until we have more clarity on the funding side and further progress on the gross margin side.”
see next: Plug Power and SunPower face headwinds throughout first half, prompting downgrade from Susquehanna
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