Plug Power (NASDAQ:PLUG) shares have popped 7% premarket on Tuesday, after rising in the past nine consecutive sessions.
Shares closed 21.7% high on Monday at $2.65, and could open at $2.84 if the premarket gain holds. Short interest in the company stands at 30.23%.
In a filing on Monday, the hydrogen fuel cell developer submitted a prospectus supplement related to the potential resale of some or all of the 185.43M shares of its common stock that may be issuable upon exercise of the warrants held by the selling stockholder.
The warrants were issued under an underwriting agreement on March 19, 2025, with an exercise price of $2.00 per share and will expire on March 20, 2028.
If the selling stockholder exercises the warrants in full, the company will receive gross proceeds from the sale of common stock by the selling stockholder of $370.86M. The company expects to use such proceeds primarily for working capital and general corporate purposes.
Plug Power (NASDAQ:PLUG) has gained close to 59% in the past month, with the recent rally being attributed to the growing interest in data centers/AI, which need huge amounts of power and continuity.
Seeking Alpha author Henrix Alex highlighted that rare insider purchases and the extension/reinstatement of tax credits have caused shares to rally in recent months.
Among other potentially relevant companies working on clean hydrogen production: Bloom Energy (BE) gained +0.15% premarket, Ballard Power Systems (BLDP) +9.4%, FuelCell Energy (FCEL) +5.4%.