Plug Power (PLUG) said Monday it entered a standby equity purchase agreement with an investment fund managed by Yorkville Advisors Global.
The agreement provides for the sale of up to $1 billion of the company's shares to YA II PN fund at Plug Power's discretion.
The developer of hydrogen fuel cell systems said it is under no obligation to sell its shares and that it would control the timing and amount of any sales to the Yorkville Advisors-affiliated fund.
The agreement will terminate on Feb. 10, 2027, unless the company sells $1 billion worth of its stocks prior to that date.
Plug Power's shares were down 5.4% in recent Monday trading.
Price: 1.74, Change: -0.10, Percent Change: -5.43
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