On Wednesday, Plug Power, Inc. ( PLUG ) announced the pricing of its underwritten registered offering, which includes 46.5 million shares of common stock and pre-funded warrants to purchase approximately 139 million shares, totaling 185.4 million common stock equivalents.

The common stock equivalents will be accompanied by a total of 185.4 million warrants. The gross proceeds from this offering are expected to be about $280 million, before deducting underwriting fees and other expenses.

Each common stock share and accompanying warrant are being sold at a combined price of $1.51, while pre-funded warrants are priced at $1.509 with an exercise price of $0.001 per share.

The warrants have an exercise price of $2.00 per share and will become exercisable six months after issuance. Plug Power ( PLUG ) intends to use the net proceeds for working capital and general corporate purposes.

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CEO Andy Marsh expressed that the funding would strengthen the company's financial position and help drive profitability in 2025.

The funds will support the company's initiatives to optimize operations, improve cash flow, and focus on sustainable growth. The offering is expected to close on or about March 20, 2025, subject to customary closing conditions.

According to Benzinga Pro, PLUG stock has lost over 50% in the past year. Investors can gain exposure to the stock via Global X Hydrogen ETF ( HYDR ) and ETF Series Solutions Defiance Next Gen H2 ETF .

Recently, the company reported fourth-quarter revenue of $191.5 million, missing analyst estimates of $263.2 million.

The company reached a pivotal milestone in electrolyzer deployments, expanded its hydrogen network, and enhanced the utilization of its manufacturing facilities.

Price Action: PLUG shares are trading lower by 0.93% to $1.605 at last check Wednesday.

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