Plug Power to make public offering
LATHAM Plug Power Inc. announced Tuesday it will offer shares of its common stock in an underwritten public offering, a move that will allow the Latham fuel cell maker to raise funds for possible capital expenditures.
The offering is subject to market conditions, according to a news release issued Tuesday, and there is no assurance as to whether or when the offering will be completed or its actual size or terms.
Cowen and Company LLC, a New York City firm that offers investment banking services, will act as the sole underwriter for the offering.
Plug Power intends to use the net proceeds of the offering for general corporate purposes, which may include capital expenditures.
This is just the latest move by Plug Power to raise capital. In July, Plug Power stockholders gave the company permission to perform a reverse stock split, which would reduce the number of shares each stockholder has, creating a proportional increase in the share price.