On November 11, 2024, Plug Power Inc. entered into a Debenture Purchase Agreement with YA II PN, Ltd., agreeing to sell an unsecured convertible debenture with a principal amount of $200 million for $190 million. The closing of this issuance is expected on November 12, 2024, pending customary conditions and the filing of a prospectus supplement for the resale of shares issuable upon conversion. The debenture, bearing a 6% interest rate, will mature on the second anniversary of the issuance or upon earlier redemption, with the rate increasing to 16% in the event of default. The initial conversion price is set at $2.90 per share, a 146% premium over the last reported sale price of Plug Power's common stock. Monthly conversions are capped at $22.5 million in principal, subject to...Show More

On November 11, 2024, Plug Power Inc. entered into a Debenture Purchase Agreement with YA II PN, Ltd., agreeing to sell an unsecured convertible debenture with a principal amount of $200 million for $190 million. The closing of this issuance is expected on November 12, 2024, pending customary conditions and the filing of a prospectus supplement for the resale of shares issuable upon conversion. The debenture, bearing a 6% interest rate, will mature on the second anniversary of the issuance or upon earlier redemption, with the rate increasing to 16% in the event of default. The initial conversion price is set at $2.90 per share, a 146% premium over the last reported sale price of Plug Power's common stock. Monthly conversions are capped at $22.5 million in principal, subject to market price conditions and an exchange cap. The company retains the right to redeem the debenture under certain conditions. The issuance was made in a private placement exempt from registration under the Securities Act of 1933. Plug Power plans to file a resale registration statement for the common stock potentially issued upon conversion of the debenture.