Plug Power Inc’s (NASDAQ:PLUG) latest capital raise is having far-reaching effects beyond its own stock.
Shares of the hydrogen fuel cell company plummeted nearly 20% in after-hours trading on Tuesday after the company priced $375 million in 6.75% convertible senior notes due 2033 — a move meant to refinance expensive debt but one that also renews investor concern over dilution and rising obligations. On Wednesday, the stock is down almost 13%. The stock is down around 59% from the 52-week high that it reached in early October.
