What's Going On With Plug Power Stock?
Portfolio Pulse from Adam Eckert
Plug Power Inc (NASDAQ:PLUG) has amended its at market issuance sales agreement with B. Riley Securities to increase the available shares for issuance, bringing the total remaining to $1 billion. This follows the sale of approximately 77.4 million shares at $302.07 million. The amendment also raises the direct purchase limit by B. Riley from $10 million to $11 million. This news arrives after Plug Power's announcement of a cost-reduction initiative and ahead of its Q4 financial results, expected to report a loss of 44 cents per share on $240.532 million in revenue.
February 26, 2024 | 2:05 pm
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Plug Power Inc has increased its share issuance capacity to $1 billion through an amendment with B. Riley Securities, following a significant share sale and ahead of its Q4 earnings report.
The amendment to increase share issuance capacity could dilute existing shares, potentially leading to a short-term negative impact on PLUG's stock price. However, the upcoming Q4 earnings report and the recent cost-reduction initiative might offset some concerns. The projected loss for Q4 adds uncertainty, influencing the negative score.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100