Why Plug Power Inc.'s Shares Popped in July (and Dropped in August)
Shares of Plug Power Inc. (NASDAQ: PLUG) jumped 10.8% in July, according to data from S&P Global Market Intelligence, after the company announced an expanded agreement with Wal-Mart (NYSE: WMT). The only problem is, nearly all of the month's gains were lost once Plug Power announced earnings.
The Wal-Mart deal has Plug Power installing as many as 30 additional GenKey and fuel-cell systems at Walmart stores in North America. And it comes with commitments to spend $80 million in 2017 and potentially $600 million over the course of the agreement. To get the deal, Plug Power gave Wal-Mart 55,286,696 shares worth of warrants, which will vest at every $50 million increment until reaching $600 million.
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Source: Fool.com
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