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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Plug Power Inc | NASDAQ:PLUG | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-0.42 | -14.38% | 2.50 | 2.50 | 2.51 | 2.58 | 2.42 | 2.47 | 81,224,460 | 00:59:50 |
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Per Share
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Total
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Per Share
|
| | | $ | 2.54000 | | | | | $ | 200,000,000 | | |
Underwriting discount(1)
|
| | | $ | 0.11430 | | | | | $ | 9,000,000 | | |
Total
|
| | | $ | 2.42570 | | | | | $ | 191,000,000 | | |
| Canaccord Genuity | | | Oppenheimer & Co. | | |
Roth Capital Partners
|
| |
BTIG
|
| |
Craig-Hallum
|
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Pages
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| | | | S-16 | | | |
| | | | S-17 | | | |
| | | | S-27 | | | |
| | | | S-31 | | | |
| | | | S-31 | | | |
| | | | S-31 | | | |
| | | | S-32 | | |
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Three Months Ended March 31,
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Year ended December 31,
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2024
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2023
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2023
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2022
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2021
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(unaudited)
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(unaudited)
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(in thousands, except share and per share data)
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Statements Of Operations: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net revenue: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Sales of equipment, related infrastructure and other
|
| | | $ | 68,295 | | | | | $ | 182,094 | | | | | $ | 711,433 | | | | | $ | 558,932 | | | | | $ | 392,777 | | |
Services performed on fuel cell systems and related infrastructure
|
| | | | 13,023 | | | | | | 9,097 | | | | | | 39,093 | | | | | | 35,280 | | | | | | 26,706 | | |
Power Purchase Agreements
|
| | | | 18,304 | | | | | | 7,937 | | | | | | 63,731 | | | | | | 47,183 | | | | | | 35,153 | | |
Fuel delivered to customers and
related equipment |
| | | | 18,286 | | | | | | 10,142 | | | | | | 66,246 | | | | | | 57,196 | | | | | | 46,917 | | |
Other
|
| | | | 2,356 | | | | | | 1,016 | | | | | | 10,837 | | | | | | 2,849 | | | | | | 789 | | |
Net revenue
|
| | | | 120,264 | | | | | | 210,286 | | | | | | 891,340 | | | | | | 701,440 | | | | | | 502,342 | | |
Cost of revenue: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Sales of equipment, related infrastructure and other
|
| | | | 135,125 | | | | | | 158,320 | | | | | | 765,575 | | | | | | 468,057 | | | | | | 307,157 | | |
Services performed on fuel cell systems and related infrastructure
|
| | | | 12,957 | | | | | | 12,221 | | | | | | 75,412 | | | | | | 59,365 | | | | | | 63,729 | | |
Provision for loss contracts related to service
|
| | | | 15,745 | | | | | | 6,889 | | | | | | 86,346 | | | | | | 26,801 | | | | | | 71,988 | | |
Power Purchase Agreements
|
| | | | 55,228 | | | | | | 46,816 | | | | | | 218,936 | | | | | | 144,696 | | | | | | 102,417 | | |
Fuel delivered to customers and
related equipment |
| | | | 58,573 | | | | | | 54,501 | | | | | | 246,318 | | | | | | 194,255 | | | | | | 127,196 | | |
Other
|
| | | | 1,711 | | | | | | 935 | | | | | | 6,544 | | | | | | 2,622 | | | | | | 1,165 | | |
Total cost of revenue
|
| | | | 279,339 | | | | | | 279,682 | | | | | | 1,399,131 | | | | | | 895,796 | | | | | | 673,652 | | |
Gross loss
|
| | | | (159,075) | | | | | | (69,396) | | | | | | (507,791) | | | | | | (194,356) | | | | | | (171,310) | | |
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Three Months Ended March 31,
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Year ended December 31,
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2024
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2023
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2023
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2022
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2021
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(unaudited)
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(unaudited)
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(in thousands, except share and per share data)
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Operating expenses: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Research and development
|
| | | | 25,280 | | | | | | 26,535 | | | | | | 113,745 | | | | | | 99,579 | | | | | | 64,762 | | |
Selling, general and administrative
|
| | | | 77,959 | | | | | | 104,016 | | | | | | 422,469 | | | | | | 363,929 | | | | | | 179,852 | | |
Restructuring
|
| | | | 6,011 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Impairment
|
| | | | 284 | | | | | | 1,083 | | | | | | 20,014 | | | | | | 5,218 | | | | | | 10,224 | | |
Impairment of goodwill
|
| | | | — | | | | | | — | | | | | | 249,480 | | | | | | — | | | | | | — | | |
Change in fair value of contingent consideration
|
| | | | (9,200) | | | | | | 8,769 | | | | | | 30,024 | | | | | | 16,468 | | | | | | 11,176 | | |
Total operating expenses
|
| | | | 100,334 | | | | | | 140,403 | | | | | | 835,732 | | | | | | 485,194 | | | | | | 266,014 | | |
Operating loss
|
| | | | (259,409) | | | | | | (209,799) | | | | | | (1,343,523) | | | | | | (679,550) | | | | | | (437,324) | | |
Interest and other expense,
net(1) |
| | | | (36,204) | | | | | | 1,968 | | | | | | (32,674) | | | | | | (43,619) | | | | | | (38,838) | | |
Loss before income taxes
|
| | | $ | (295,613) | | | | | $ | (207,831) | | | | | $ | (1,376,197) | | | | | $ | (723,169) | | | | | $ | (476,162) | | |
Income tax (expense) benefit
|
| | | | (163) | | | | | | 1,270 | | | | | | 7,364 | | | | | | (839) | | | | | | 16,197 | | |
Net loss
|
| | | $ | (295,776) | | | | | $ | (206,561) | | | | | $ | (1,368,833) | | | | | $ | (724,008) | | | | | $ | (459,965) | | |
Loss per share, basic and
diluted |
| | | $ | (0.46) | | | | | $ | (0.35) | | | | | $ | (2.30) | | | | | $ | (1.25) | | | | | $ | (0.82) | | |
Weighted average number of common stock outstanding
|
| | | | 641,256,134 | | | | | | 589,205,165 | | | | | | 595,468,419 | | | | | | 579,716,708 | | | | | | 558,182,177 | | |
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As of
March 31, 2024 |
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As of December 31,
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2023
|
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2022
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(unaudited)(in thousands)
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Balance Sheet Data: | | | | | | | | | | | | | | | | | | | |
Unrestricted cash and cash equivalents
|
| | | $ | 172,873 | | | | | $ | 135,033 | | | | | $ | 690,630 | | |
Total Assets
|
| | | | 4,847,306 | | | | | | 4,902,738 | | | | | | 5,764,276 | | |
Noncurrent liabilities
|
| | | | 1,006,740 | | | | | | 1,039,813 | | | | | | 1,068,787 | | |
Stockholders’ equity
|
| | | | 2,929,122 | | | | | | 2,898,125 | | | | | | 4,060,214 | | |
Working capital
|
| | | | 855,129 | | | | | | 822,165 | | | | | | 2,670,023 | | |
| | |
As of March 31, 2024
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(dollars in thousands, except per share amounts)
|
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Actual
|
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As Adjusted
|
| ||||||
| | |
(unaudited)
|
| |||||||||
Cash and cash equivalents
|
| | | $ | 172,873 | | | | | $ | 363,473 | | |
Restricted cash(1)
|
| | | $ | 995,211 | | | | | $ | 995,211 | | |
Long-term debt: | | | | | | | | | | | | | |
7.00% Convertible Senior Note due June 2026
|
| | | $ | 151,836 | | | | | $ | 151,836 | | |
3.75% Convertible Senior Notes due June 2025
|
| | | | 57,966 | | | | | | 57,966 | | |
Other long-term debt
|
| | | | 1,013 | | | | | | 1,013 | | |
Total long-term debt
|
| | | $ | 210,815 | | | | | | 210,815 | | |
Stockholders’ equity: | | | | | | | | | | | | | |
Common Stock, $0.01 par value per share; 1,500,000,000 shares authorized; 705,604,549 shares issued, actual; 784,344,706 shares issued, as adjusted
|
| | | | 7,057 | | | | | | 7,843(3) | | |
Additional paid-in capital
|
| | | | 7,823,209 | | | | | | 8,013,023 | | |
Accumulated other comprehensive loss
|
| | | | (9,078) | | | | | | (9,078) | | |
Accumulated deficit
|
| | | | (4,785,520) | | | | | | (4,785,520) | | |
Less common stock in treasury (19,242,215 shares)
|
| | | | (106,546) | | | | | | (106,546) | | |
Total stockholders’ equity
|
| | | | 2,929,122 | | | | | | 3,119,722 | | |
Total capitalization(2)
|
| | | | 3,139,937 | | | | | | 3,330,537 | | |
Name
|
| |
Amount
of Shares |
| |||
Morgan Stanley & Co. LLC
|
| | | | 62,992,124 | | |
Canaccord Genuity LLC
|
| | | | 3,346,457 | | |
Oppenheimer & Co. Inc.
|
| | | | 3,346,457 | | |
Roth Capital Partners, LLC
|
| | | | 3,346,457 | | |
BTIG, LLC
|
| | | | 2,854,331 | | |
Craig-Hallum Capital Group LLC
|
| | | | 2,854,331 | | |
Total
|
| | | | 78,740,157 | | |
| | | | | | | | |
Total
|
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Per Share
|
| |
No Exercise
|
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Full Exercise
|
| |||||||||
Public offering price
|
| | | $ | 2.54000 | | | | | $ | 200,000,000 | | | | | $ | 230,000,000 | | |
Underwriting discounts
|
| | | $ | 0.11430 | | | | | $ | 9,000,000 | | | | | $ | 10,350,000 | | |
Proceeds, before expenses, to us
|
| | | $ | 2.42570 | | | | | $ | 191,000,000 | | | | | $ | 219,650,000 | | |
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| Canaccord Genuity | | | Oppenheimer & Co. | | |
Roth Capital Partners
|
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BTIG
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Craig-Hallum
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Exhibit 107
Calculation of Filing Fee Table
Form 424(b)(5)
(Form Type)
Plug Power Inc.
(Exact Name of Registrant as Specified in its Charter)
Table 1: Newly Registered Securities and Carry Forward Securities
Security Type |
Security Class Title | Fee
Calculation or Carry Forward Rule |
Amount Registered |
Proposed Maximum Offering Price Per Unit |
Maximum Aggregate Offering Price |
Fee Rate | Amount
of Registration Fee |
Carry Forward Form Type |
Carry Forward File Number |
Carry Forward Initial Effective Date |
Filing
Fee Previously Paid In Connection with Unsold Securities to be Carried Forward | |||||||||||||
Newly Registered Securities | ||||||||||||||||||||||||
Fees to Be Paid | Equity | Common stock, par value $0.01 per share | Rule 457(o)(1) | 90,551,180(2) | $2.54 | $230,000,000.00 | $0.00014760 | $33,948.00 | — | — | — | — | ||||||||||||
Fees Previously Paid | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||
Carry Forward Securities | ||||||||||||||||||||||||
Carry Forward Securities | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||
Total Offering Amounts | $230,000,000.00 | $33,948.00 | ||||||||||||||||||||||
Total Fees Previously Paid | — | |||||||||||||||||||||||
Total Fee Offsets | — | |||||||||||||||||||||||
Net Fee Due | $33,948.00 |
(1) | The registration fee is calculated in accordance with Rule 457(o) and 457(r) under the Securities Act of 1933, as amended (the “Securities Act”), based on the proposed maximum aggregate offering price. In accordance with Rules 456(b) and 457(r) under the Securities Act, Plug Power Inc. (the “Registrant”) initially deferred payment of the registration fee for the Registrant’s Registration Statement on Form S-3ASR (File No. 333-265488) filed with the Securities and Exchange Commission on June 8, 2022 (the “Registration Statement). This “Calculation of Filing Fee Table” shall be deemed to update the “Calculation of Registration Fee” table in the Registration Statement. |
(2) | Includes the potential issuance of shares of common stock pursuant to the underwriters’ option to purchase up to an additional 11,811,023 shares of the Registrant’s common stock. |
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