Boston, MA 04/23/2014 (wallstreetpr) – Plug Power Inc (NASDAQ:PLUG) took a dip on Tuesday as the much-publicized fuel cell maker announced the sale of shares of its common stock. The shares of the company closed 4.42% lower to previous day’s close at $6.70.
Offer Of Shares Sale
Plug Power Inc (NASDAQ:PLUG) announced on Tuesday that it plans to offer and sell its common stock under an underwritten public offering, however; the company did not disclose the size of its offering. Plug Power mentions that it plans to utilize the net proceeds generated from the offering towards fulfillment of working capital needs and other general corporate purposes, which includes capital outlay and potential acquisitions. Morgan Stanley and Barclays are the official book-running managers, while FBR Capital and Cowen & Co. would act as co-managers of the proposed offering.
Hyundai JV Not Exciting
The shares of the clean energy provider have been on a volatile side since the beginning of the week. While, at one point of time, it jumped on the news about its excessively hyped business update, on the other hand, it plunged as soon as it revealed the update. The said event happened on Monday when the company published that it is going to announce some of its recent GenKey deals and ReliOn plans. But, the outcome did not turn out to be as expected. IN its business update, Plug Power said that it has signed a non-binding memorandum of understanding with Hyundai and Hysco.
The agreement is aimed to create a joint venture with an objective to design and market hydrogen fuel cells powered vehicles across the regions in Asia. Furthermore, Plug Power Inc (NASDAQ:PLUG) mentioned that as per the terms specified under the MOU, the details of the joint venture are required to be finalized within July 31. Plug Power set goal of $150 million in 2014 bookings as its year to date booking stood at $80 million.
