Plug Power Prices Public Offering Of 18.60 Mln Shares At $0.54/shr

(RTTNews) - Plug Power Inc. (PLUG) announced that it has priced an underwritten public offering of 18.60 million shares of its common stock at $0.54 per share, raising gross proceeds of about $10.0 million.

Certain Plug Power directors and existing stockholders, including the Chairman of Plug Power's board of directors and certain holders of five percent or more of Plug Power's voting securities, will purchase shares of its common stock in this offering at the public offering price, the company said.

The company noted that net proceeds, after underwriting discounts and commissions and other estimated fees and expenses payable by the company, will be about $9.1 million.

The firm noted that it intends to use the net proceeds of the offering for working capital and other general corporate purposes, including capital expenditures.

In connection with the offering, the company has granted the underwriter a 30-day option to purchase up to an additional 2.79 million shares of common stock to cover over-allotments, if any. The offering is expected to close on or about September 16, 2013, subject to satisfaction of customary closing conditions.