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Plug Power, Inc. (NASDAQ:PLUG) stock rose Friday after closing a major refinancing that reshaped its balance sheet.
The company also scheduled a key shareholder vote to expand its authorized share count next year.
Plug closed a convertible note offering totaling $431.25 million due in 2033.
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The deal included full exercise of the underwriters’ additional purchase option. After fees and expenses, Plug received about $399.4 million in net proceeds.
The company will use the proceeds to retire the remaining high-cost 15% debt.
It will also refinance 2026 convertible notes. Management eliminated a restrictive first lien from its former lender.
Plug now benefits from an eight-year balloon structure with no required amortization. This extends its lower-cost capital through 2033. The structure removes near-term principal repayment pressure.
Management said the changes lower interest expense and simplify financing layers. The company now considers its operating plan fully funded under current assumptions. Recent data center infrastructure agreements support this funding outlook.
Andy Marsh, CEO of Plug Power, said: “This financing marks a major turning point for Plug.” He added that the stronger balance sheet improves flexibility as demand for hydrogen technologies rises.
Plug already holds sufficient manufacturing capacity for its projected growth.
The company aims to expand across material handling fleets and utility-scale electrolyzer deployments. Management believes demand momentum continues building across sectors.
Plug will hold a special shareholder meeting on Jan. 15, 2026, in a virtual format. Stockholders will vote on increasing authorized common shares from 1.5 billion to 3 billion.
The proposal also includes updates aligning Plug’s charter with recent Delaware law revisions. These changes reduce voting hurdles for future share authorization adjustments.
Price Action: PLUG shares were trading higher by 1.32% to $1.915 at last check Friday.
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Posted In: PLUG
