LATHAM, N.Y., Sept. 11, 2013 (GLOBE NEWSWIRE) -- Plug Power Inc. (Nasdaq:PLUG), a leader in providing clean, reliable energy solutions, today announced that it has priced an underwritten public offering of 18,600,000 shares of its common stock. The shares will be sold at a price to the public of $0.54 per share for gross proceeds of approximately $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.
Cowen and Company, LLC is acting as the sole underwriter for the offering.Net proceeds, after underwriting discounts and commissions and other estimated fees and expenses payable by Plug Power, will be approximately $9.1 million. Plug Power 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, Plug Power has granted the underwriter a 30-day option to purchase up to an additional 2,790,000 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. The securities described above are being offered by Plug Power Inc. pursuant to a shelf registration statement on Form S-3 (No. 333-173268) including a base prospectus, previously filed and declared effective by the Securities and Exchange Commission (SEC). The securities may be offered only by means of a prospectus. A preliminary prospectus supplement related to the offering was filed with the SEC on September 10, 2013 and a final prospectus supplement related to the offering will be filed with the SEC and will be available on the SEC's website located at www.sec.gov . Electronic copies of the final prospectus supplement, when available, also may be obtained from Cowen and Company, LLC (c/o Broadridge Financial Services, 1155 Long Island Avenue, Edgewood, NY, 11717, Attn: Prospectus Department, Phone: 631-274-2806, Fax: 631-254-7140). This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction.