Plug Power Stock Is Plunging After The Bell: What's Going On?

Plug Power Inc PLUG shares are trading lower in Wednesday’s after-hours session after the company filed for an at-the-market offering of up to $1 billion.

What Happened: In a new regulatory filing on Wednesday, Plug Power said it entered into an at market issuance sales agreement with B. Riley Securities in which the company may offer and sell up to $1 billion worth of its common stock from time to time.

The news comes as Plug Power shares fell to new 52-week lows on Wednesday. The stock has been trending lower since the company reported third-quarter results and issued a "going concern" warning.

Plug Power isn't expected to report fourth-quarter earnings until next month, but on Tuesday, Plug said it will provide a business update on Jan. 23.

During the call, CEO Andy Marsh and CFO Paul Middleton will provide an update on business operations and answer questions from investors and analysts.

See Also: US Stocks Sink, Tech And Real Estate Hit Hard Amid Rate Concerns, Dollar Surge: What’s Driving Markets Wednesday?

PLUG Price Action: Plug Power shares closed Wednesday down 10.03% at $2.74. The stock was down another 14.81% after hours at $2.33, according to Benzinga Pro.

Photo: Courtesy Plug Power