07:42 AM EDT, 07/19/2024 (MT Newswires) -- Plug Power ( PLUG ) said Friday it has priced its underwritten public offering of 78.7 million common shares at $2.54 per share.

The offering is expected to generate about $200 million and close around Monday, the company said.

Underwriters were granted a 30-day option to buy up to an additional 11.8 million shares at the same public offering price, minus the underwriting discount, the company added.

Plug Power ( PLUG ) said it plans to use the net proceeds from the offering for general corporate purposes.

Shares of the company were falling more than 10% in recent premarket activity.

Price: 2.6100, Change: -0.31, Percent Change: -10.62