Written by Cláudio Afonso | LinkedIn | X
Plug Power has filed on Friday a prospectus supplement relating to the potential resale of up to 3,461,371 shares of its common stock, a 8k filing revealed. The warrants were issued as earn-out consideration under the Agreement and Plan of Merger, dated June 22, 2020.
In early May, shares of the hydrogen fuel cell manufacturer more than doubled to $5 per share as the company announced that received a conditional commitment for a $1.66 billion loan guarantee from the Department of Energy (DOE).
In the filing, Plug says the nearly 3.5 million shares may be sold from time to time by the selling stockholders or their transferees through one or more underwriters, broker-dealers, or agents.
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“The registration of the offer and sale of the shares of common stock covered by this prospectus supplement does not necessarily mean that the selling stockholders will offer or sell all or any of the shares,” the company stated.
The loan announced earlier this month would finance the development of up to six green hydrogen production facilities however, certain technical, legal, environmental, and financial conditions must be met before the loan guarantee is funded, the company stated.
The company manufactures electrolyzer stacks in Rochester, NY, while liquefaction and hydrogen storage systems are located in Houston.
The manufacturer added that the facilities, planned to be built across the United States, will supply major companies, including existing customers, with low-carbon green hydrogen for applications in material handling, transportation, and industry.
The projects under the loan will adhere to the Biden Administration’s Justice 40 Initiative, which seeks input from local labor, workforce, economic development, first responders, and non-profit organizations.
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Written by Cláudio Afonso | LinkedIn | X
