Why Plug Power Stock Weakened on Thursday
Plug Power (NASDAQ: PLUG) stock didn't have much juice on the second-to-last day of the trading week. Shares of the hydrogen fuel cell specialist closed Thursday nearly 9% lower after the company disclosed plans for a new capital-raising effort.
Plug Power divulged the fresh initiative in a regulatory filing, but the details and specifics were sparse. The company will float one, several, or all of the following: common stock, preferred stock, warrants, debt securities, and units (typically, combinations of two or more different securities).
Plug Power was only slightly more forthcoming about what it intends to do with the proceeds of these issues. They will be utilized for the ever-popular "general corporate purposes," which the company said could include activities such as acquisitions, capital expenditures, and stock buybacks.
Source Fool.com
