10:35 AM EDT, 03/19/2025 (MT Newswires) -- Plug Power ( PLUG ) said Wednesday it has priced an upsized underwritten offering to raise about $280 million for working capital and general corporate purposes.

The company is offering 46.5 million shares, and in lieu of stock, pre-funded warrants to buy about 138.93 million shares. The shares will be accompanied by warrants.

Each share and accompanying warrant are priced at a combined price of $1.51. Each pre-funded warrant and accompanying warrant are priced at $1.509.

"The net proceeds from this offering will strengthen our financial position and help drive profitability in 2025," said Chief Executive Officer Andy Marsh.

The company expects to close the offering around Thursday.

Shares of Plug Power ( PLUG ) were up over 2% in recent trading.

Price: 1.66, Change: +0.03, Percent Change: +2.16