What's Going On With Plug Power Shares Today?
Portfolio Pulse from Nabaparna Bhattacharya
Plug Power, Inc. (NASDAQ:PLUG) shares are trading lower by 13.4% to $2.52 premarket on Friday. The company announced the pricing of its public offering of 78.74 million shares at $2.54 per share, with an option for underwriters to purchase an additional 11.81 million shares. The offering is expected to close around July 22, 2024, and aims to raise approximately $200 million for general corporate purposes. Plug Power has also completed the deployment of 13 hydrogen refueling stations across Europe over the past two years.
July 19, 2024 | 12:43 pm
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NEGATIVE IMPACT
ETF Series Solutions Defiance Next Gen H2 ETF (HDRO) may face short-term pressure due to its exposure to Plug Power, which is experiencing a notable decline in share price.
HDRO has exposure to Plug Power, and the significant drop in PLUG's share price could negatively impact the ETF's performance in the short term.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 50
NEGATIVE IMPACT
Global X Hydrogen ETF (HYDR) may experience short-term volatility due to its exposure to Plug Power, which is facing a significant drop in share price.
HYDR has exposure to Plug Power, and the significant drop in PLUG's share price could negatively impact the ETF's performance in the short term.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 50
NEGATIVE IMPACT
Plug Power shares are down 13.4% premarket following the announcement of a public offering priced at $2.54 per share. The company aims to raise $200 million for general corporate purposes.
The significant drop in share price is directly related to the announcement of the public offering, which often dilutes existing shares and can lead to a negative market reaction.
CONFIDENCE 95
IMPORTANCE 90
RELEVANCE 100