Wednesday, April 23, 2008

Plug Power Investor Selling (PLUG)

There was a time when the market couldn't get enough of these guys.
First print 2Nov99: $16.44
All-time-high 24Jan00: $156.50
In the April 22, 2008 S-3 they describe themselves:
Plug Power Inc., together with its subsidiaries, is a development stage enterprise involved in...
which may explain why the stock is changing hands at $3.27.

24/7 Wall Street says:

Plug Power Backer Files To Unplug (PLUG)
...Based on recent prices that translates to a $135+ million offering, and that compares to market cap of $282.6 million after a 5% stock price drop today.

These shares may be offered and sold from time to time by Smart Hydrogen. It appears that all proceeds if and when shares are sold will go to the shareholder. It appears that this holding also came about from a 2006 private placement where the company received $217 million in gross proceeds....