What's Going On With Plug Power Shares Wednesday?

Plug Power, Inc. PLUG shares are trading higher in the premarket session on Wednesday.

In an exchange filing, the company said it issued $140.396 million in aggregate principal amount of its 7% convertible senior notes due 2026 under an indenture dated March 20, 2024, between the company and Wilmington Trust, National Association, as trustee.

The new notes were issued in exchange for $138.816 million in aggregate principal amount of the company’s 3.75% convertible senior notes due 2025.

Following the closing of the exchange transactions, approximately $58.5 million in aggregate principal amount of 2025 notes remain outstanding with terms unchanged. 

The initial conversion rate for the new notes will be 235.40 shares of common stock per $1,000 principal amount of new notes, which represents an initial conversion price of approximately $4.25 per share of common stock and is subject to adjustment upon the occurrence of certain specified events as set forth in the indenture.

The new notes will mature on June 1, 2026, unless earlier converted, redeemed or repurchased in accordance with their terms.

Earlier this month, the company reported fiscal 2023 net revenue growth of 27.1% year-over-year to $891.234 million, missing the consensus of $900.29 million. Net loss per share was $(2.30), below the consensus of $(1.61).

Plug Power held cash and equivalents of $1.169 billion as of December 31, 2023.

Check This Out: Why Is NIO Stock Trading Lower Today?

According to Benzinga Pro, PLUG stock has lost over 69% 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 HDRO.

Price Action: PLUG shares are trading higher by 1.31% to $3.270 premarket on the last check Wednesday. 

Photo via Shutterstock