Overview
- Plug Power announced a private offering of $375 million convertible senior notes due 2033 with an option for an additional $56.25 million, sending shares down roughly 20% after hours to about $1.71.
- The company plans to use approximately $243 million of proceeds to repay outstanding interest on 15% secured debentures and a termination fee, with remaining funds earmarked for repurchasing 7% notes due 2026, working capital and general corporate purposes.
- Third-quarter results showed $177.1 million in revenue and an adjusted loss of $0.12 per share versus a -$0.13 estimate, with gross margin at -70.7%, net margin at -313.7% and cash outflow of $127.3 million.
- Shares fell 9.84% to $2.25 on Nov. 17 and were down about 15% over the prior week as management outlined plans to generate more than $275 million in liquidity through asset monetization, releasing restricted cash and cost reductions.
- Plug reported a 55-megawatt electrolyzer supply agreement with Carlton Power for three U.K. green hydrogen projects, described as the largest combined electrolyzer award announced in the country to date.