Plug Power (NASDAQ: PLUG) shares have been plummeting. The stock hit another three-year low today as investors sold in droves when the market opened. After sinking as much as almost 17%, Plug shares were down by 13.2% as of 10:15 a.m. ET and have lost 86% of their value in the past year.

The recent decline came as investors anticipated the news that was finally announced today. Plug Power is planning to raise $1 billion. That capital raise comes at about the worst possible time and likely strikes investors as a desperate move.

The capital raise will come from offering new shares "at the market." That means the shares won't be sold all at once but rather when the broker working with Plug -- B. Riley Securities -- deems market conditions favorable.

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Source Fool.com