Plug Power Inc. (“the Company”) has entered into a significant At Market Issuance Sales Agreement with B. Riley Securities, Inc. (“B. Riley”) to potentially offer and sell shares of the Company’s common stock, valued at up to $1.0 billion. This development, announced on January 17, 2024, marks a strategic move in Plug Power Inc.’s efforts to expand its market presence.
Under the terms of the Sales Agreement, Plug Power Inc. may sell its common stock from time to time through what is defined as an “at the market offering” under Rule 415 of the Securities Act of 1933, as amended (the “Securities Act”). B. Riley will facilitate these sales either as an agent in agency transactions or as a principal in principal transactions. The agreement also allows the Company to direct B. Riley to purchase up to $10,000,000 of its common stock on any trading day, with the total weekly sales not exceeding $30,000,000.
As part of the agreement, B. Riley will receive a commission up to 3.0% of the gross sales price per share sold in agency transactions and 5.0% in principal transactions. The Company has also committed to providing B. Riley with indemnification and reimbursement for certain specified expenses.
This offering of shares will be made under Plug Power Inc.’s automatic shelf registration statement on Form S-3, effective since June 8, 2023, and a prospectus supplement dated January 17, 2024. The Sales Agreement may be terminated under certain conditions, including the sale of all shares or at the end of the 18-month period for principal transactions and 24 months for agency transactions.
This move by Plug Power Inc. aims to strengthen its financial position and support its ongoing initiatives in developing innovative hydrogen and fuel cell technologies. As a company at the forefront of clean energy solutions, Plug Power Inc. continues to invest in advanced technologies and market expansion to drive sustainable growth.
For further details about this offering and Plug Power Inc.’s products and initiatives, visit the official website: https://www.plugpower.com/
Source: SEC 8K Filing on story. https://d18rn0p25nwr6d.cloudfront.net/CIK-0001093691/41d7df8e-7f54-407c-b6c7-67583b9a7ac1.pdf
Read the most up to date Fuel Cell and Hydrogen Industry news at FuelCellsWorks
