Plug Power Expands Stock Offering, Strengthens Finances

Plug Power (PLUG) has released an update.

Plug Power Inc. has expanded its market offering by amending its Sales Agreement with B. Riley Securities, allowing for an increased sale of common stock up to $1 billion. This comes after the company already sold over 77 million shares, totaling around $302 million. The amendment also ups the daily and weekly limits for stock purchases B. Riley can make as a principal. Additionally, B. Riley benefits from a commission on sales and is indemnified by the company, which also covers certain expenses. This move is part of Plug Power’s strategy to strengthen its financial position, leveraging an automatic shelf registration statement effective since June 2023.

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