Plug Power Inc (NASDAQ:PLUG) plugging energy technology power with public offering
Plug Power Inc (NASDAQ:PLUG) has just announced that will be offering common stock shares in a new underwritten public offering. This offering will be subject to the existing market conditions and there is no assurance about whether it will actually be completed. The actual terms or the size of the offering are other variables. Cowen and Company, LLC will be the sole underwriter for this offering. All the securities in this offering are to be sold by Plug Power Inc. The company intends to use the net-proceeds of the offering for various corporate purposes, which could include capital expenditures.
In Tuesday’s trading session, Plug Power Inc (NASDAQ:PLUG)dropped 11.05%. The shares had an opening price of $0.78 which moved up to an intraday high of $0.80 and the headed down to close at $0.67. Approximately 7.68 million Plug Power Inc shares were traded on Tuesday which was almost double that of the average volume of 3.34 million shares that were traded over a 30 day period. The company has a market capitalization of $54.62 million.
Over the last one month, the company’s shares have risen by 83.63% and over the last quarter there has been a 102.03% rise. This has outperformed the S&P 500 index in both these respective periods. In addition, the company’s stock is now trading above its 50-day average of $0.43 and its 200-day moving average of $0.37.
About the company
Plug Power Inc (NASDAQ:PLUG) is an alternative energy technology provider. It focuses on designing, developing, commercializing and manufacturing fuel cell systems. These systems are used in the material handling or fork-lift market. PLUG spotlights on fuel cell, fuel processing technologies, and fuel cell hybrid-technologies.
Multiple products are available that make use of these different technologies. One of PLUG’s main products is the A Fuel cell which is an electrochemical device. It combines oxygen and hydrogen to produce heat and energy without the need of combustion.