Why Plug Power Stock Is Tanking
Portfolio Pulse from Erica Kollmann
Plug Power, Inc. (NASDAQ:PLUG) shares are trading lower after-hours following the announcement of a $200 million public offering of its common stock. The company plans to use the proceeds for general corporate purposes. PLUG shares have lost over 77% in the past year and are down 11.64% after-hours.
July 18, 2024 | 8:37 pm
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Plug Power announced a $200 million public offering of its common stock, causing shares to drop 11.64% after-hours. The company plans to use the proceeds for general corporate purposes.
The announcement of a public offering typically dilutes existing shares, leading to a drop in stock price. The significant after-hours decline indicates a negative market reaction.
CONFIDENCE 95
IMPORTANCE 90
RELEVANCE 100