Plug Power Files to Sell 20 Million Shares, Aiming to Raise $75 Million
Plug Power (NASDAQ: PLUG) stock has lost 28% of its value since the novel coronavirus outbreak in China turned into a global pandemic and sparked a worldwide recession.
The company's most recent quarterly earnings report, which came out more than a month ago, showed Plug losing money ($0.06 per share adjusted and $0.07 per share GAAP) and racking up sales at a slower pace than predicted, to boot. And although Plug Power ended the year with "positive adjusted" earnings before interest, taxes, depreciation, and amortization (EBITDA), management was cautious not to predict any such profit in fiscal 2020.
To help weather this rough patch, therefore, the company has just announced in a filing with the SEC that it will be selling "19,633,507 new shares of our common stock" in an attempt to raise "up to" $75 million in new capital.
Source Fool.com
