Plug Power, a US developer of green hydrogen ecosystems, announced on Monday the completion of a USD 200 million common stock offering. The company issued 78.74 million shares at a price of USD 2.54 each.
The offering, initially announced last week and priced on Friday, also includes a 30-day option for underwriters to purchase up to an additional 11.8 million shares at the same public offering price.
The net proceeds from the transaction are estimated to be approximately USD 190.6 million, or USD 219.2 million if the underwriters fully exercise their option.
According to the company's SEC filing, the funds will be allocated for general corporate purposes. Morgan Stanley acted as the sole book-running manager for the offering.
