Plug Power Proposes $200M Public Offering Of Its Common Stock
Portfolio Pulse from Benzinga Newsdesk
Plug Power Inc. (NASDAQ:PLUG) has announced a $200 million public offering of its common stock, with an additional 30-day option for underwriters to purchase up to $30 million more. The proceeds will be used for general corporate purposes. Morgan Stanley is the sole book-running manager.
July 18, 2024 | 8:02 pm
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Plug Power's announcement of a $200 million public offering of its common stock, with an additional $30 million option for underwriters, is likely to impact its stock price. The proceeds will be used for general corporate purposes.
The announcement of a public offering typically leads to a short-term decrease in stock price due to dilution concerns. Investors may react negatively to the increased supply of shares, despite the proceeds being used for general corporate purposes.
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