Stockholders' Equity

6 Months Ended

Jun. 30, 2011

Stockholders' Equity Note [Abstract]

Stockholders' Equity

 6. Stockholders’ Equity

On May 19, 2011, the Company implemented a one-for-ten reverse stock split of its common stock. As a result of the reverse stock split, each ten (10) outstanding shares of pre-split common stock were automatically combined into one (1) share of post-split common stock. Fractional shares received cash and proportional adjustments were made to the Company’s outstanding stock options and other equity awards and to the Company’s equity compensation plans to reflect the reverse stock split. The financial statements for all prior periods have been retroactively adjusted to reflect this stock split for both common stock issued and options outstanding.

On May 31, 2011, the Company completed an underwritten public offering of 8,265,000 shares of its common stock and warrants to purchase an aggregate of 7,128,563 shares of common stock (including warrants to purchase an aggregate of 929,813 shares of common stock purchased by the underwriter pursuant to the exercise of its over-allotment option). The shares and the warrants were sold together as a fixed combination, with each combination consisting of one share of common stock and 0.75 of a warrant to purchase one share of common stock, at a price to the public of $2.42 per fixed combination. Net proceeds, after underwriting discounts and commissions and other fees and expenses payable by Plug Power, were $18,289,883 (of this amount $8,768,143 in fair value was recorded as warranty liability at issuance date). The warrants are exercisable upon issuance and will expire on May 31, 2016. The exercise price of the warrants is $3.00 per share of common stock. The warrants include weighted-average anti-dilution protection and, in the event of a sale of the Company, and under certain conditions, each warrantholder has the right to require the Company to purchase such holder’s warrants at a price determined using a Black-Scholes option pricing model.

On June 8, 2011, the Company sold 836,750 additional shares of common stock, pursuant to the underwriter’s partial exercise of its over-allotment option, resulting in additional net proceeds to Plug Power of $1,874,990.

On July 1, 2011, the Company sold 231,000 additional shares of common stock, pursuant to the underwriter’s partial exercise of its over-allotment option, resulting in additional net proceeds to Plug Power of $517,624.

On July 1, 2011, the Company sold 231,000 additional shares of common stock, pursuant to the underwriter’s partial exercise of its over-allotment option, resulting in additional net proceeds to Plug Power of $517,624.

Changes in stockholders’ equity for the six months ended June 30, 2011 are as follows:

	Common Stock							Treasury Stock
	Shares	Amount		Additional Paid- in-Capital		Accumulated Other Comprehensive Income (Loss)		Shares	Amount		Accumulated Deficit		Total Stockholders' Equity		Total Comprehensive Loss
December 31, 2010	13,369,924	$	1,336,992	$	769,659,871	$	965,868	180,449	$	(1,719,510)	$	(727,329,858)	$	42,913,363
Net loss	-	-		-		-		-	-		(13,995,868)		(13,995,868)		(13,995,868)
Foreign currency translation gain	-	-		-		86,032		-	-		-		86,032		86,032
Unrealized gain on available-for-sale securities	-	-		-		18,502		-	-		-		18,502		18,502
Total comprehensive loss															$	(13,891,334)
Stock based compensation	102,881	1,029		994,561		-		-	-		-		995,590
Reclassification adjustment - stock split	-	(1,203,293)		1,203,293		-		-	-		-		-
Public offering common stock, net	9,101,750	91,017		11,305,712		-		-	-		-		11,396,729
Issuance of treasury shares	-	-		(328,650)		-		(35,000)	328,650		-		-
Purchase of treasury shares	-	-		-		-		20,292	(161,279)		-		(161,279)
June 30, 2011	22,574,555	$	225,745	$	782,834,787	$	1,070,402	165,741	$	(1,552,139)	$	(741,325,726)	$	41,253,069