Plug Power raises $370M via warrant exercise at $2.00 per share

Plug Power (PLUG) announced that it has entered into a warrant inducement agreement with a single existing institutional investor for the immediate exercise of the entirety of the company’s outstanding warrants issued in March to purchase 185.43M shares of common stock at the original exercise price of $2.00 per share. The gross proceeds to Plug Power are expected to be approximately $370M. Upon the exercise in full of the warrants, the investor will receive 31M shares of common stock and pre-funded warrants to purchase up to 154.43M shares of its common stock. If the new warrants are fully exercised on a cash basis, Plug Power has the potential to raise approximately $1.4B in additional gross proceeds, the company noted. Oppenheimer is acting as the lead financial advisor for the transaction. BTIG, Clear Street, Craig-Hallum, H.C. Wainwright and Roth Capital Partners are acting as co-advisors for the transaction.