Plug Power announces $300 million share offering

Plug Power (NASDAQ:PLUG) dropped by-4.9% after-hours on news it is launching a public offering of $300M of common stock, with an underwriters option to purchase as much as $45M of additional shares.

Plug says it plans to use the proceeds for working capital and other general corporate purposes, which may include capital expenditures, potential acquisitions, growth opportunities and strategic transactions.

The company last week reported a smaller than forecast Q2 loss and an 18% Y/Y gain in revenues to $68M.