Plug Power Inc. Announces $30.0 Million Registered Offering
10 Gennaio 2014 - 2:49PM
Plug Power Inc. (Nasdaq:PLUG), a leader in providing clean,
reliable energy solutions, today announced that it has priced an
underwritten registered offering of 10,000,000 shares of its common
stock and accompanying warrants to purchase 4,000,000 shares of its
common stock. The shares and the warrants will be sold together in
a fixed combination, with each combination consisting of one share
of common stock and 0.40 of a warrant to purchase one share of
common stock, at a price to the public of $3.00 per fixed
combination for gross proceeds of $30.0 million. The securities
were placed with a single institutional investor. The warrants will
have an exercise price of $4.00 per share, are immediately
exercisable and will expire on January 15, 2019.
Cowen and Company, LLC is acting as the sole underwriter for the
offering.
Net proceeds, after underwriting discounts and commissions and
other estimated fees and expenses payable by Plug Power, and
assuming the warrants are not exercised, will be approximately
$28.0 million.
Plug Power intends to use the net proceeds of the offering for
working capital and other general corporate purposes including,
capital expenditures.
The securities described above are being offered by Plug Power
Inc. pursuant to a shelf registration statement on Form S-3 (No.
333-173268) including a base prospectus, previously filed and
declared effective by the Securities and Exchange Commission (SEC).
The securities may be offered only by means of a prospectus. A
preliminary prospectus supplement related to the offering was filed
with the SEC on January 10, 2014 and a final prospectus supplement
related to the offering will be filed with the SEC and will be
available on the SEC's website located at www.sec.gov. Electronic
copies of the final prospectus supplement, when available, also may
be obtained from Cowen and Company, LLC (c/o Broadridge Financial
Services, 1155 Long Island Avenue, Edgewood, NY, 11717, Attn:
Prospectus Department, Phone: 631-274-2806, Fax: 631-254-7140).
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.
The architects of modern fuel cell technology, Plug Power is
revolutionizing the industry with cost-effective power solutions
that increase productivity, lower operating costs and reduce carbon
footprints. Long-standing relationships with industry leaders
forged the path for Plug Power's key accounts, including Walmart,
Sysco, P&G and Mercedes. With more than 4,000 GenDrive
units deployed to material handling customers, accumulating over 16
million hours of runtime, Plug Power manufactures tomorrow's
incumbent power solutions today. 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 but not limited to Plug Power's expected use of the
net proceeds from the offering and Plug Power's ability and timing
to reach profitability. 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 may cause Plug Power's actual results to
differ materially from the expectations in Plug Power's
forward-looking statements including the risk that Plug Power
does not become profitable when expected or at all or requires
additional external funding to become profitable, the risk that
unit orders will not ship, be installed and/or convert to revenue,
in whole or in part; the risk that pending orders may not convert
to purchase orders; the cost and timing of developing, marketing
and selling Plug Power's products and its ability to fund such
costs; the risk that Plug Power does not achieve the expected
gross margin on the sale of its products; the risk that actual net
cash used for operating expenses exceeds the projected net cash for
operating expenses; the cost and availability of fuel and fueling
infrastructures for Plug Power's products; market acceptance of
Plug Power's GenDrive systems; Plug Power's ability to establish
and maintain relationships with third parties with respect to
product development, manufacturing, distribution and servicing and
the supply of key product components; the cost and availability of
components and parts for Plug Power's products; Plug Power's
ability to develop commercially viable products; Plug Power's
ability to reduce product and manufacturing costs; Plug Power's
ability to successfully expand its product lines; Plug Power's
ability to improve system reliability for Plug Power's GenDrive
system; competitive factors, such as price competition and
competition from other traditional and alternative energy
companies; Plug Power's ability to manufacture products on a
large-scale commercial basis; Plug Power's ability to protect its
intellectual property; the cost of complying with current and
future governmental regulations; and other risks and uncertainties
discussed in the reports Plug Power files from time to time with
the SEC. 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.
CONTACT: Media & Investor Relations Contact:
Teal Vivacqua
Plug Power Inc.
Phone: (518) 738-0269
media@plugpower.com
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