Plug Power Inc. (Latham, NY), a developer of fuel cell systems for use telecommunications and uninterruptible power supply applications, announced that it has entered into an agreement to sell 11,000,000 shares of its common stock at $6.25 per share for aggregate proceeds to the company of $68.75 million, before underwriting discounts and commissions and other offering expenses.
Plug Power has granted the underwriters a 30-day option to purchase up to an additional 1,650,000 shares of its common stock to cover over-allotments, if any. The company intends to use the net proceeds of the offering for working capital purposes, funds for operations, capital expenditures, research and product development, potential future acquisitions, and other general corporate purposes.
