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Jim Cramer Says Wait to Buy Plug Power Stock

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Plug Power  (PLUG) - Get Free Report priced a stock offering at an 11% discount to Monday’s close.

It’s offering 38 million common shares at $22.25 each. The company closed Monday at $25.

As part of the offering, the underwriters have a 30-day option to buy as many as 5.7 million more shares at the offering price, less the underwriting discount.

The issuance is expected to close around Thursday. Morgan Stanley is the book-running manager.

Plug Power, in a statement, noted that it would use the finds for working capital and general purposes. 

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