UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities
Exchange Act of 1934
Date of Report (Date
of earliest event reported): May 8, 2013
Plug Power Inc.
(Exact name of registrant as specified in its charter)
Delaware
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1-34392
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22-3672377
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(State or other jurisdiction
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(Commission File
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(IRS Employer
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of incorporation)
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Number)
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Identification No.)
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968 Albany Shaker
Road,
Latham, New York
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12110
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(Address of principal executive offices)
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(Zip Code)
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Registrants
telephone number, including area code: (518) 782-7700
N/A
(Former name or former address, if changed since last
report.)
Check the appropriate box below if the Form 8-K filing
is intended to simultaneously satisfy the filing obligation of the registrant
under any of the following provisions (see General Instruction A.2.
below):
Written communications pursuant
to Rule 425 under the Securities Act (17 CFR 230.425)
Soliciting material pursuant to
Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
Pre-commencement communications
pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
Pre-commencement communications
pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 1.01. Entry into a Material Definitive
Agreement.
On May 8, 2013, Plug Power Inc.
(the Company) entered into a Securities Purchase Agreement (the Purchase
Agreement) with Air Liquide Investissements d'Avenir et de Demonstration (Air
Liquide), pursuant to which the Company agreed to issue and sell to Air
Liquide approximately 10,500 shares of the Companys Series C Redeemable
Convertible Preferred Stock, par value $0.01 per share (the Series C Preferred
Stock), for an aggregate purchase price of approximately $2.6 million (Euro 2
million) in cash. On an as-converted basis, Air Liquide is expected to initially
own approximately 14% of the Companys outstanding common stock, par value
$0.01 per share (the Common Stock). The transaction contemplated by the
Securities Purchase Agreement is expected to close during the week of May 13,
2013 and no later than May 22, 2013.
Under the terms of the Purchase
Agreement, for so long as Air Liquide holds any shares of Series C Preferred
Stock, Air Liquide shall be entitled to designate one director to the Companys
Board of Directors. In the event the Series C Preferred Stock is converted
into shares of Common Stock and Air Liquide continues to hold at least 5% of
the outstanding shares of Common Stock or 50% of the shares of Common Stock
held by Air Liquide on an as-converted basis immediately following the issuance
of the Series C Preferred Stock, Air Liquide shall continue to be entitled to
designate one director to the Companys Board of Directors. The Purchase
Agreement also provides Air Liquide with the right to participate in certain
future equity financings by the Company.
The foregoing summary is
qualified in its entirety by the full text of the Purchase Agreement, a copy of
which is filed herewith as Exhibit 10.1 and incorporated herein by reference.
The Series C Preferred Stock will
rank senior to the Common Stock with respect to rights upon the liquidation,
dissolution or winding up of the Company. The Series C Preferred Stock will be
entitled to receive dividends at a rate of 8% per annum payable in equal quarterly
installments in cash or in shares of Common Stock, at the Companys option. The
Series C Preferred Stock will be convertible into shares of Common Stock, at a
conversion price equal to $0.248794 per share, at Air Liquides option, (1) on
or after May 8, 2014 or (2) upon any liquidation, dissolution or winding up of
the Company, any sale, consolidation or merger of the Company resulting in a
change of control, or any sale or other transfer of all or substantially all of
the assets of the Company. The Series C Preferred Stock will have customary
redemption rights and weighted average anti-dilution protection. The Series C
Preferred Stock will vote together with the Common Stock on an as-converted
basis on all matters.
The shares of Series C Preferred
Stock were issued in a private placement exempt from registration pursuant to
Section 4(2) of the Securities Act of 1933, as amended (the Securities Act).
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In connection with the Series C
Preferred Stock investment, the Company and Axane, S.A. (Axane), a subsidiary
of Air Liquide S.A., entered into transactions related to their HyPulsion
S.A.S. joint venture. HyPulsion was formed by the Company and Axane to develop
and market hydrogen fuel cell systems for the European material handling market.
Axane purchased a 25% ownership interest in HyPulsion from the Company for a cash
purchase price of $3.3 million (Euro 2.5 million). The Company now owns 20%
and Axane owns 80% of HyPulsion. The Company has the right to purchase 60% of
HyPulsion from Axane in 2018 at a formula price. If the Company does not
exercise its purchase right, Axane has the right to buy the Companys remaining
20% interest at a formula price.
The Company and HyPulsion also entered
into an engineering service agreement under which, among other things, the
Company will provide HyPulsion with engineering and technical services for a
new fuel cell assembly line and manufacturing execution system. Under the
service agreement, HyPulsion will make payments to the Company of up to $659,000
(Euro 500,000) in the aggregate for services to be performed by the Company.
Item 3.03. Material Modification to Rights of
Security Holders.
In connection with entering into
the Purchase Agreement, on May 8, 2013, the Company and Broadridge Corporate
Issuer Solutions, Inc., as rights agent (Broadridge), entered into an
Amendment No. 5 (the Amendment) to Shareholders Rights Agreement, dated as of
June 23, 2009 (as amended by Amendment No. 1 to Shareholder Rights Agreement,
dated as of May 6, 2011, Amendment No. 2 to Shareholder Rights Agreement, dated
March 16, 2012, Amendment No. 3 to Shareholder Rights Agreement, dated March
23, 2012, and Amendment No. 4 to Shareholder Rights Agreement, dated February
11, 2013, the Rights Agreement), between the Company and Broadridge. The
Amendment amends the definition of Acquiring Person to allow Air Liquide to
acquire, under the Purchase Agreement, shares of Series C Preferred Stock, as
well as the shares of Common Stock issuable upon conversion thereof and any
dividends payable or paid-in-kind, without triggering the rights under the
Rights Agreement. If Air Liquide becomes the
beneficial owner of 15% or more of the shares of Common Stock and at such time
Air Liquide is or is deemed to be the beneficial owner of any shares of Common
Stock other than by virtue of owning shares of Series C Preferred Stock and any
shares of Common Stock acquired upon conversion thereof or any dividends
payable or paid-in-kind, then Air Liquide will be deemed an Acquiring Person under
the Rights Agreement.
The foregoing summary is
qualified in its entirety by reference to the Amendment, which is filed as
Exhibit 4.1 hereto and is incorporated herein by reference.
Item 7.01. Regulation FD Disclosure.
The Company issued a press
release announcing the execution of the Purchase Agreement and the other Air
Liquide transactions. A copy of the press release is furnished herewith as
Exhibit 99.1.
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The information in this Item 7.01
of this Current Report on Form 8-K, including the information contained in
Exhibit 99.1, shall not be deemed filed for the purposes of Section 18 of the
Securities Exchange Act of 1934, as amended (the Exchange Act), or otherwise
subject to the liabilities under that Section. Furthermore, the information in
Item 7.01 of this Current Report on Form 8-K, including the information
contained in Exhibit 99.1, shall not be deemed to be incorporated by reference
into the filings of the Company under the Securities Act, or the Exchange Act,
except as shall be expressly set forth by specific reference in such a filing.
Item 9.01. Financial Statements and Exhibits.
(d) |
Exhibits. |
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4.1 |
Amendment No. 5 to Shareholder Rights
Agreement, dated as of May 8, 2013, by and between Plug Power Inc.
and Broadridge Corporate Issuer Solutions, Inc., as Rights Agent.
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10.1 |
Securities Purchase Agreement, dated as
of May 8, 2013, by and between Plug Power Inc. and Air Liquide Investissements
d'Avenir et de Demonstration.
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99.1 |
Press Release, dated May 8, 2013. |
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SIGNATURE
Pursuant to the
requirements of the Securities Exchange Act of 1934, the registrant has duly
caused this report to be signed on its behalf by the undersigned hereunto duly
authorized.
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Plug Power Inc.
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Date: May 8, 2013 |
By:
/s/ Gerard L. Conway, Jr.
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Name: Gerard L. Conway, Jr.
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Title: General Counsel and Corporate Secretary
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EXHIBIT INDEX
Exhibit No. |
Description
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4.1 |
Amendment No. 5 to Shareholder Rights
Agreement, dated as of May 8, 2013, by and between Plug Power Inc.
and Broadridge Corporate Issuer Solutions, Inc., as Rights Agent.
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10.1 |
Securities Purchase Agreement, dated as
of May 8, 2013, by and between Plug Power Inc. and Air Liquide Investissements
d'Avenir et de Demonstration.
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99.1 |
Press Release, dated May 8, 2013. |
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