LATHAM, N.Y., Sept. 16, 2013 (GLOBE NEWSWIRE) -- Plug Power Inc. (Nasdaq:PLUG), a leader in providing clean, reliable energy solutions, today announced the completion of its previously announced underwritten public offering of 18,600,000 shares of its common stock at $0.54 per share. Plug Power also announced that the underwriter exercised in full its option to purchase an additional 2,790,000 shares of its common stock at $0.54 per share to cover overallotments. The sale of the additional 2,790,000 shares was also completed today. Plug Power's common stock is traded on the NASDAQ Stock Market under the symbol "PLUG."
Cowen and Company, LLC acted 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 $10.5 million which includes the net proceeds from the sale of the shares pursuant to the overallotment option. Plug Power intends to use the net proceeds of the offering for working capital and other general corporate purposes, including capital expenditures.The securities described above were offered by Plug Power 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). A final prospectus supplement related to the offering was filed with the SEC on September 11, 2013 and is available on the SEC's website located at www.sec.gov. Electronic copies of the final prospectus supplement 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, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.