Dallas, Texas 09/23/2013 (Financialstrend) – An alternative energy technology provider, Plug Power Inc (NASDAQ:PLUG), focuses on designing, development, manufacturing and commercialization of fuel cell systems for industrial purposes – mainly forklift and material handling. The company’s strategic focus remains on fuel cell processing and hybrid technologies as well as on PEM (proton exchange membrane). Earlier this year Plug Power Inc (NASDAQ:PLUG) sold its 14% stake to Air Liquide (ADR) (OTCMKTS:AIQUY) – a France based company engaged in the production of industrial and medical gases, including but not limited to, oxygen, nitrogen and hydrogen.
Earlier last week the company announced completion of its underwritten public offering of 18.6 million shares of its common stock at $0.54, including full exercise of overallotment option. Net proceeds is expected to be over $9 million after underwriting discounts, commissions and related fees and expenses to be payable by the company. The company would use the proceeds for general corporate purposes. To note, the stock plunged from its previous close of $0.676 to $0.534 after the announcement of offering price of $0.54 on September 11, 2013.
Protective Industrial Products, maker and distributor of safety gear for workers, will begin its 10 year lease during 4Q13 for street front offices at the Plug Power Inc (NASDAQ:PLUG)’s headquarters on Albany Shaker Road, in Latham. Currently the renovations are underway and the Plug Power workers are shifting to alternative location which is around one and a half mile from Albany International Airport. To note, the company has sold its headquarters, earlier this year to a local real estate firm, namely NAI Platform to raise capital for its businesses.
Plug Power Inc (NASDAQ:PLUG) has market capitalization of $46.06 million with 80.80 million shares outstanding. The stock has traded between the 52 week range of $0.12 and $0.92 with moderately flat returns (around 6%) year to date and surprising 38% returns during past one month trade. The stock plunged around 7.74% during its last trading session on Friday, September 20, 2013 and closed at $0.57.