Plug Power disclosed in an SEC filing Wednesday night that it will sell up to $1 billion in shares, sending PLUG stock plunging.
The fuel-cell company entered into an at-market sales agreement with B. Riley.
PLUG stock plunged 11.5% to 2.42 Thursday, the lowest since 2019.
Shares had also tumbled 10% on Wednesday. That left Plug Power with a market valuation of just $1.66 billion.
PLUG stock closed Thursday 80% below where it traded at the end of 2022 and 97% off its January 2021 long-term peak of 75.49.
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