Plug Power raises $370 million through warrant exercise transaction

Plug Power Inc. (NASDAQ: PLUG) raised approximately $370 million through a warrant inducement agreement with an institutional investor for the immediate exercise of outstanding warrants to purchase 185,430,464 shares at $2.00 per share, the company announced.

The transaction involves the full exercise of warrants originally issued in March 2025. Upon completion, the investor will receive 31 million shares of common stock and pre-funded warrants for up to 154,430,464 additional shares. The investor also receives new warrants to purchase 185,430,464 shares at an exercise price of $7.75, representing approximately a 100% premium to the company's closing stock price on October 7, 2025.

The new warrants expire on March 20, 2028, and require stockholder approval to increase authorized shares before they can be exercised. If fully exercised on a cash basis, these new warrants could generate approximately $1.4 billion in additional gross proceeds for the company, though no assurance exists that any will be exercised.

The offering is expected to close on or about October 9, 2025, subject to customary closing conditions. Plug Power stated it intends to use net proceeds for working capital and general corporate purposes.

Oppenheimer & Co. Inc. serves as lead financial advisor for the transaction, with BTIG LLC, Clear Street LLC, Craig-Hallum Capital Group LLC, H.C. Wainwright & Co. and Roth Capital Partners acting as co-advisors.

The securities are being offered under an automatic shelf registration statement on Form S-3ASR that became effective with the Securities and Exchange Commission on May 27, 2025.

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