Overview
- An existing institutional investor immediately exercised March 2025 warrants for 185.43 million shares at $2.00, generating roughly $370 million in gross proceeds.
- In return, Plug issued new warrants for 185.43 million shares at a $7.75 exercise price that could add about $1.4 billion if fully exercised for cash.
- The new warrants are not exercisable until shareholders approve more authorized shares or a reverse split, and they may be cash‑settled after Feb. 28, 2026 if common stock is unavailable.
- Upon exercise of the existing warrants, the investor received 31.0 million shares plus pre‑funded warrants for up to 154.43 million shares, with closing expected on or about Oct. 9 under a May 2025 S‑3ASR shelf.
- Plug shares fell after the announcement, the company said proceeds will go to working capital and general corporate purposes, and leadership changes and investor roadshows in Paris and Boston are underway.