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Plug Power Inc. (NASDAQ:PLUG), currently valued at $1.91 billion in market capitalization, announced Friday that it has entered into Amendment No. 3 to its existing at-the-market (ATM) issuance sales agreement with B. Riley Securities, Inc., extending the term of the agreement. According to InvestingPro analysis, the company has been quickly burning through cash, with negative free cash flow of $819 million in the last twelve months. The ATM program allows Plug Power to offer and sell shares of its common stock, par value $0.01 per share, having an aggregate gross sales price of up to $1.0 billion through or to B. Riley, acting as sales agent or principal.
Under the new amendment, the sales agreement will now terminate upon the earlier of August 15, 2027, or the issuance and sale of all shares under the agreement. The company has agreed to reimburse B. Riley for legal expenses related to this amendment, up to $25,000. Other material terms and conditions of the sales agreement remain unchanged. With a current ratio of 1.59, InvestingPro data shows the company maintains sufficient liquid assets to meet short-term obligations, though its overall financial health score remains weak.
Shares issued under the agreement will be made pursuant to Plug Power’s automatic shelf registration statement on Form S-3 (File No. 333-287577), which became effective on May 27, 2025, and the related prospectus supplement filed August 15, 2025.
The company stated that this report does not constitute an offer to sell or the solicitation of an offer to buy any securities, nor will there be any sale of such securities in any jurisdiction where such an offer or sale would be unlawful prior to registration or qualification under the applicable securities laws.
This information is based on a press release statement and filings made with the Securities and Exchange Commission. For deeper insights into Plug Power’s financial health and detailed analysis, including 14 additional key ProTips and comprehensive valuation metrics, investors can access the full Pro Research Report available on InvestingPro.
In other recent news, Plug Power Inc. held a conference call to discuss its financial results for the second quarter of 2025. However, the company did not disclose specific financial figures in its report. Analysts have been adjusting their price targets for Plug Power, reflecting a range of perspectives on the company’s financial outlook. Canaccord Genuity increased its price target to $1.25, citing management’s focus on sustainability and viability through "Project Quantum Leap." Wells Fargo also raised its target to $1.50, attributing the change to a new valuation model and a higher EBITDA forecast. Conversely, BMO Capital lowered its target to $1.00 due to concerns over the company’s decreasing cash reserves. Meanwhile, H.C. Wainwright maintained a Buy rating with a $3.00 target, highlighting improved service margins and reduced regulatory uncertainty as positive factors. These developments suggest varying analyst opinions on Plug Power’s future performance.
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