Plug Power closes USD-200m stock offering

US end-to-end green hydrogen ecosystem developer Plug Power Inc (NASDAQ:PLUG) on Monday closed a USD-200-million (EUR 184.3m) offering of common stock to secure funds for general corporate purposes.

The company has issued a total of 78.74 million shares at USD 2.54 apiece. It announced the offering last week and priced it on Friday, granting the underwriters a 30-day option to buy up to an additional 11.8 million shares at the public offering price.

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In a SEC filing on Monday, Plug said it estimates the net proceeds from the transaction at about USD 190.6 million, or USD 219.2 million if the underwriters exercise their option in full. The company reiterated that it will use the money for general corporate purposes.

Morgan Stanley served as the sole book-running manager for the offering.

(USD 1.0 = EUR 0.921)