Summary by Futu AI
On November 7, 2024, Plug Power Inc. announced an amendment to its existing Sales Agreement with B. Riley Securities, Inc. The amendment, known as Amendment No. 2, increases the aggregate gross sales price of shares available for issuance by approximately $375 million, bringing the total to $1 billion. This follows the company's successful sale of over 219 million shares, amounting to approximately $677 million. The amendment also extends the company's right to direct B. Riley to purchase shares on a principal basis until December 31, 2025, with the potential for reduced purchase amounts if the company's market capitalization falls below $1 billion after February 8, 2025. Plug Power has committed to reimbursing B. Riley up to $25,000 for legal expenses related to the amendment. The shares will be issued under Plug Power's automatic shelf registration statement and related prospectus supplements filed with the SEC. The full text of Amendment No. 2 has been filed with the SEC and is incorporated by reference into the report.
