Hydrogen and fuel-cell energy company Plug Power, Inc.‘s (NASDAQ:PLUG) stock is set to open at its lowest level in over four years on Thursday.
What Happened: Plug Power, which slumped over 10% in the regular session on Wednesday, fell an additional 14.08% in after-hours trading. If the stock opens at the after-hours quote of $2.35, it remains on track to tumble to its lowest level since early October 2019.
In a prospectus filed with the SEC, the company said it has entered into an at-market issuance sales agreement with B. Riley Securities regarding the sale of up to $1 billion in stock. The sale will be made from time to time, with B. Riley acting as a sales agent.
Plug Power said it would retain broad discretion over the use of the net proceeds and that it currently intends to use them for working capital, capex, and general purposes. It also flagged the possibility of the net proceeds going to acquiring or investing in businesses, products, ...