Plug Power Falls 17% After Disclosing $1 Billion Stock Sale Plan

Plug Power Inc. shares plunged to their lowest level since September 2019 after the company disclosed plans to sell up to $1 billion in stock.

The fuel-cell maker’s stock fell as much as 17% after announcing in a Jan. 17 regulatory filing that it struck an agreement with B. Riley Securities to sell shares in an at-the-market offering. The deal means that Plug intends to sell shares from time to time at the current market price, rather than selling in a single transaction.

The move comes two months after Plug posted worse-than-expected quarterly earnings and said that a dearth of ...