After calculating warrants, employee options, convertible preferred stock, restricted stock and the latest underwriting options, the shares outstanding could approach 200 million. Talk about dilution. Wow.
If Plug Power doesn't demonstrate a clear path to operational profitability when it reports second-quarter earnings on May 14, the easiest path is lower.
Also, if shareholders become spooked that another offering is needed, expect the price to get cut in half once again.
In the meantime, you may want to consider taking some profits off the table. If the earnings report is good, the shares will move slightly higher, but if the company guides at a trajectory of anything less than stellar, it's going to be ugly.At the time of publication, Weinstein had no positions in securities mentioned. Follow @RobertWeinstein This article represents the opinion of a contributor and not necessarily that of TheStreet or its editorial staff.