Plug Power Announces Closing of Over-Allotment in Connection With Previously Announced Public Offering
13 June 2011 - 11:54PM
Plug Power Inc. (Nasdaq:PLUGD) today announced that it has
completed the sale of 836,750 additional shares of common stock
pursuant to the underwriter's partial exercise of its
over-allotment option in connection with Plug Power's recently
announced public offering of common stock and warrants, resulting
in additional net proceeds to Plug Power of approximately $1.8
million, after underwriting discounts and commissions and other
offering expenses. Plug Power intends to use the net proceeds of
the offering for general corporate purposes, which may include
working capital, capital expenditures, research and development
expenditures, commercial expenditures, acquisitions of new
technologies or businesses that are complementary to its current
technologies or business focus, and investments.
During Plug Power's recent public offering, the Company raised
approximately $20.2 million in net proceeds, after underwriting
discounts and commissions and other estimated fees and expenses
payable by Plug Power. Currently, the Company has 22,408,814 shares
outstanding.
Roth Capital Partners was the sole manager for this
offering.
The securities described above are being sold by Plug Power
pursuant to a shelf registration statement on Form S-3 including a
base prospectus, previously filed and declared effective by the
Securities and Exchange Commission (SEC). The securities may be
sold only by means of a prospectus. A final prospectus supplement
related to the offering was filed with the SEC 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 Roth Capital
Partners, LLC Equity Capital Markets, 24 Corporate Plaza, Newport
Beach, CA 92660, at 800-678-9147 and Rothecm@roth.com.
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.
About Plug Power Inc.
The architects of modern fuel cell technology, Plug Power
revolutionized the industry with cost-effective power solutions
that increase productivity, lower operating costs and reduce carbon
footprints. Long-standing relationships with industry leaders
forged the path for Plug Power's key accounts, including Wegmans,
Whole Foods, and FedEx Freight. With more than 1,200 GenDrive
units shipped to material handling customers, accumulating over 2.5
million hours of runtime, Plug Power manufactures tomorrow's
incumbent power solutions today. Additional information about Plug
Power is available at www.plugpower.com.
The Plug Power Inc. logo is available at
http://www.globenewswire.com/newsroom/prs/?pkgid=4446
Plug Power Inc. Safe Harbor Statement
This communication contains forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995, including but not limited to Plug Power's expected use of the
net proceeds from the offering. These statements are based on
current expectations that are subject to certain assumptions, risks
and uncertainties, any of which are difficult to predict, are
beyond Plug Power's control and that may cause Plug Power's actual
results to differ materially from the expectations in Plug Power's
forward-looking statements including statements regarding the risk
that unit orders will not ship, be installed and/or convert to
revenue, in whole or in part; the cost and timing of developing
Plug Power's products and its ability to raise the necessary
capital to fund such development costs; the ability to achieve the
forecasted gross margin on the sale of Plug Power's products; the
actual net cash used for operating expenses may exceed the
projected net cash for operating expenses; the cost and
availability of fuel and fueling infrastructures for Plug Power's
products; market acceptance of Plug Power's GenDrive system; Plug
Power's ability to establish and maintain relationships with third
parties with respect to product development, manufacturing,
distribution and servicing and the supply of key product
components; the cost and availability of components and parts for
Plug Power's products; Plug Power's ability to develop commercially
viable products; Plug Power's ability to reduce product and
manufacturing costs; Plug Power's ability to successfully expand
its product lines; Plug Power's ability to improve system
reliability for GenDrive; competitive factors, such as price
competition and competition from other traditional and alternative
energy companies; Plug Power's ability to manufacture products on a
large-scale commercial basis; Plug Power's ability to protect its
intellectual property; the cost of complying with current and
future governmental regulations; and other risks and uncertainties
discussed under "Item IA-Risk Factors" in (i) Plug Power's annual
report on Form 10-K for the fiscal year ended December 31, 2010,
filed with the Securities and Exchange Commission ("SEC") on March
31, 2011 and (ii) in Plug Power's quarterly report on Form 10-Q for
the quarter ended March 31, 2011 filed with the SEC on May 13,
2011, as well as in the other reports Plug Power files from time to
time with the SEC. Plug Power does not intend to, and
undertakes no duty to update any forward-looking statements as a
result of new information or future events.
CONTACT: Media Contact:
Reid Hislop
Plug Power Inc.
Phone: (518) 782-7700 ext. 1360
Investor Relations Contact:
Cathy Yudzevich
Plug Power Inc.
Phone: (518) 782-7700 ext. 1448
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