Plug Power Inc. Announces Pricing of Public Offering
14 Febbraio 2013 - 2:39PM
Marketwired
Plug Power Inc. (NASDAQ: PLUG), a leader in providing clean,
reliable energy solutions, today announced that it has priced an
underwritten public offering of 18,910,000 shares of its common
stock and accompanying warrants to purchase 18,910,000 shares of
common stock. The shares and the warrants will be sold together as
a fixed combination, with each combination consisting of one share
of common stock and one warrant to purchase one share of common
stock, at a price to the public of $0.15 per fixed combination for
gross proceeds of approximately $2.8 million. The warrants have an
exercise price of $0.15 per share, are immediately exercisable and
will expire on February 20, 2018.
Roth Capital Partners is acting as sole book-running manager and
Northland Capital Markets is acting as co-manager in the
offering.
Net proceeds, after underwriting discounts and commissions but
before other estimated fees and expenses payable by Plug Power,
will be approximately $2.4 million.
Plug Power intends to use the net proceeds of the offering for
working capital and other general corporate purposes, including
capital expenditures. In connection with the offering, Plug Power
has granted the underwriters a 45-day option to purchase up to an
additional 2,836,500 shares of common stock and/or warrants to
purchase 2,836,500 shares of common stock to cover over-allotments,
if any. The offering is expected to close on or about February 20,
2013, subject to satisfaction of customary closing conditions.
A registration statement on Form S-1 relating to this offering
was declared effective by the Securities and Exchange Commission
(SEC) on February 13, 2013. The securities may be offered only by
means of a prospectus. When available, a copy of the final
prospectus will be available on the SEC's website located at
www.sec.gov. Electronic copies of the final prospectus, when
available, also may be obtained from Roth Capital Partners, LLC,
Equity Capital Markets, 888 San Clemente Drive, Newport Beach, CA
92660, at 800-678-9147 and Rothecm@roth.com.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy these securities, nor shall there
be any sale of these securities in any jurisdiction in which such
offer, solicitation or sale would be unlawful prior to the
registration or qualification under the securities laws of any such
jurisdiction.
About Plug Power Inc. Plug Power Inc., an
alternative energy technology provider, engages in the design,
development, commercialization, and manufacture of fuel cell
systems for the industrial off-road markets worldwide. The company
develops and sells a range of fuel cell systems comprising
hydrogen-fueled Proton Exchange Membrane (PEM) systems. Its product
line includes PEM GenDrive products for sale on commercial terms
for industrial off-road consisting of forklift or material handling
applications, with a focus on multi-shift high volume manufacturing
and high throughput distribution sites. The company sells its
products to business, industrial, and government customers through
direct product sales force, original equipment manufacturers, and
their dealer networks. The company was founded in 1997 and is
headquartered in Latham, New York. Additional information about
Plug Power is available at www.plugpower.com.
Plug Power Inc. Safe Harbor Statement This
communication contains forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995,
including statements regarding increased reliability and improved
lift and towing capacity of Plug Power's GenDrive product, and Plug
Power's expectations regarding its HyPulsion joint venture. These
statements are based on current expectations that are subject to
certain assumptions, risks and uncertainties, any of which are
difficult to predict, are beyond Plug Power's control and that may
cause Plug Power's actual results to differ materially from the
expectations in Plug Power's forward-looking statements including
the risk that we may not have sufficient cash to fund our
operations to profitability and that we may be required to seek
strategic alternatives, including but not limited to a potential
business combination or a sale of the company, or reduce and/or
cease our operations, and other risks and uncertainties related to
satisfaction of the closing conditions of the offering, the
estimated proceeds from the offering and the anticipated use of
proceeds from the offering. Plug Power does not intend to, and
undertakes no duty to update any forward-looking statements as a
result of new information or future events.
Media & Investor Relations Contact: Gerard L. Conway,
Jr. Plug Power Inc. Phone: (518) 782-7700 media@plugpower.com
investors@plugpower.com
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