Stock Track | Plug Power Plummets 5.47% Intraday After Announcing $375 Million Convertible Note Offering

Stock Track

12/01

Plug Power Inc. (NASDAQ: PLUG) saw its shares drop sharply by 5.47% during intraday trading on Monday, following the company's announcement of a $375 million private offering of convertible senior notes due 2033.

The proceeds from the offering are expected to be used to retire $243 million of high-interest debt and repurchase part of its 2026 convertible notes. While this move supports the company's deleveraging efforts, analysts remain cautious. JP Morgan's Bill Peterson maintained a Neutral rating and withdrew his price forecast, noting that consistent progress on profitability, margins, and cash burn is needed before adopting a more positive outlook.

Despite the drop, Plug Power reiterated its fiscal 2025 and 2026 guidance, projecting improved margins and stronger equipment sales. The company also recently secured a $2.8 million contract with NASA to supply liquid hydrogen, marking its entry into the space industry.

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(NASDAQ: PLUG) saw its shares drop sharply by 5.47% during intraday trading on Monday, following the company's announcement of a $375 million private offering of convertible senior notes due 2033.</p><p>The proceeds from the offering are expected to be used to retire $243 million of high-interest debt and repurchase part of its 2026 convertible notes. While this move supports the company's deleveraging efforts, analysts remain cautious. JP Morgan's Bill Peterson maintained a Neutral rating and withdrew his price forecast, noting that consistent progress on profitability, margins, and cash burn is needed before adopting a more positive outlook.</p><p>Despite the drop, Plug Power reiterated its fiscal 2025 and 2026 guidance, projecting improved margins and stronger equipment sales. 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