On March 12, 2024, Plug Power Inc., a leader in alternative energy technology, announced the initiation of exchange agreements with certain holders of its 3.75% Convertible Senior Notes due 2025. The exchange will involve $138,816,000 in aggregate principal amount of the existing notes, plus accrued interest, for $140,396,000 in aggregate principal amount of new 7.00% Convertible Senior Notes due 2026. This strategic financial maneuver, known as the Exchange Transactions, is set to close on or about March 20, 2024, subject to customary closing conditions. After the exchange, approximately $58.5 million in aggregate principal amount of the existing notes will remain outstanding. The new notes will be senior, unsecured obligations of Plug Power, bearing interest at 7.00% per annum, with semi-annual payments starting June 1, 2024. The conversion rate for the new notes is...Show More

On March 12, 2024, Plug Power Inc., a leader in alternative energy technology, announced the initiation of exchange agreements with certain holders of its 3.75% Convertible Senior Notes due 2025. The exchange will involve $138,816,000 in aggregate principal amount of the existing notes, plus accrued interest, for $140,396,000 in aggregate principal amount of new 7.00% Convertible Senior Notes due 2026. This strategic financial maneuver, known as the Exchange Transactions, is set to close on or about March 20, 2024, subject to customary closing conditions. After the exchange, approximately $58.5 million in aggregate principal amount of the existing notes will remain outstanding. The new notes will be senior, unsecured obligations of Plug Power, bearing interest at 7.00% per annum, with semi-annual payments starting June 1, 2024. The conversion rate for the new notes is initially set at 235.4049 shares of common stock per $1,000 principal amount, which equates to an initial conversion price of approximately $4.25 per share. This rate represents a 20% premium over the last reported sale price of Plug's common stock on the Nasdaq Capital Market as of the announcement date. The new notes are convertible under certain conditions and during specified periods, with the company having the option to settle conversions in cash, shares, or a combination thereof. Additionally, the new notes may be redeemed by the company under specific circumstances and are subject to customary adjustments upon certain events.