09:40 AM EDT, 10/08/2025 (MT Newswires) -- Plug Power ( PLUG ) said Wednesday that it has signed a warrant inducement agreement with an existing investor for the immediate exercise of all of the warrants issued in March to buy 185.4 million shares at $2 per share, for a total of $370 million.

The hydrogen fuel cell maker said that if the warrants are exercised, the investor will get 31 million shares as well as pre-funded warrants to buy up to 154.4 million shares in lieu of common stock.

In consideration of the warrant exercise, the investor will also get new warrants to buy 185.4 million shares, the company said, with an exercise price of $7.75. The new warrants will become exercisable upon Plug's receipt of shareholder approval to increase its authorized shares and will expire in March 2028, it said.

If shares are not available by Feb. 28, the new warrants may be cash settled, Plug said, adding that the offering is expected to close on or about Thursday.

Plug said that if the new warrants are fully exercised on a cash basis, it may raise an additional $1.40 billion in gross proceeds.

Plug said it plans to use the net proceeds for working capital and general corporate purposes.

The company's shares were down more than 3% in recent trading on Wednesday.