Stockholders' Equity

9 Months Ended

Sep. 30, 2014

Stockholders' Equity

Stockholders' Equity

5. Stockholders’ Equity

Changes in stockholders’ equity for the nine months ended September 30, 2014 are as follows:

						Accumulated									Total
						Other									Stockholders’
	Common Stock			Additional Paid-		Comprehensive		Treasury Stock				Accumulated			(Deficit)
	Shares	Amount		in-Capital		Income		Shares	Amount			Deficit			Equity
December 31, 2013	106,356,558	$	1,063,566	$	831,155,925	$	897,807	165,906	$	(1,552,382	)	$	(849,437,066	)	$	(17,872,150	)
Net loss attributable to the Company	—	—		—		—		—	—			(81,331,176		)	(81,331,176		)
Stock based compensation	106,813	1,069		2,366,182		—		—	—			—			2,367,251
Public offerings, common stock, net (1)	36,502,440	365,024		153,584,354		—		—	—			—			153,949,378
Exercise of warrants (2)	23,918,429	239,184		101,886,304		—		86,391	(340,381		)	—			101,785,107
Stock dividend	25,348	253		129,595		—		—	—			(129,848		)	—
Shares issued for acquisition	530,504	5,305		3,994,695		—		—	—			—			4,000,000
Conversion of preferred stock	5,521,676	55,217		1,163,143		—		—	—			—			1,218,360
Stock option exercises	518,845	5,188		400,613		—		109,930	(678,863		)	—			(273,062		)
September 30, 2014	173,480,613	$	1,734,806	$	1,094,680,811	$	897,807	362,227	$	(2,571,626	)	$	(930,898,090	)	$	163,843,708

(1) As a result of the January, March and April 2014 public offerings discussed further below, the Company received net proceeds of $165,722,618 of which $11,773,240 in value was ascribed to the warrants issued in the January 2014 public offering. The associated warrants have been separately valued and classified as a liability on the accompanying consolidated balance sheet.

(2) Pursuant to the exercise of warrants, additional paid-in capital was increased by $18,102,213 from the issuance of 23,832,038 shares of common stock. Additionally, paid-in capital was increased by $83,444,573 and warrant liability was reduced by $83,444,573 (the fair value of the warrants on the exercise date).

Second Quarter 2014 Public Offering

On April 30, 2014, we completed an underwritten public offering of 22,600,000 shares of common stock. The shares were sold at $5.50 per share for gross proceeds of approximately $124.3 million. The total net proceeds to Plug Power from the April 2014 public offering were $116,443,375.

First Quarter 2014 Public Offerings

On January 15, 2014 we completed an underwritten public offering of 10,000,000 shares of common stock and accompanying warrants to purchase 4,000,000 shares of common stock. The shares and the warrants were sold together in a fixed combination, with each combination consisting of one share of common stock and 0.40 of a warrant to purchase one share of common stock, at a price of $3.00 per fixed combination for gross proceeds of $30.0 million. The securities were placed with a single institutional investor. The warrants have an exercise price of $4.00 per share, are immediately exercisable and will expire on January 15, 2019. The total net proceeds to Plug Power from the January 2014 public offering were $27,970,256.

On March 11, 2014, we completed an underwritten public offering of 3,902,440 shares of common stock. The shares were sold at $5.74 per share for gross proceeds of approximately $22.4 million. The shares were placed with a single institutional investor. The total net proceeds to Plug Power from the March 2014 public offering were $21,308,987.

Third Quarter 2013 Public Offerings

On September 16, 2013, the Company completed an underwritten public offering of 18,600,000 shares of common stock. The shares were sold at $0.54 per share. Net proceeds, after underwriting discounts and commissions and other fees and expenses payable by Plug Power were $9,151,221.

The Company also sold an additional 2,790,000 shares of common stock at $0.54 per share, pursuant to the underwriter’s exercise of its over-allotment option in connection with the September 16, 2013 underwritten public offering, resulting in additional net proceeds to Plug Power of $1,408,671. The total net proceeds from the September 2013 public offering to Plug Power were $10,559,892.

First Quarter 2013 Public Offerings

On February 20, 2013, the Company completed an underwritten public offering of 18,910,000 shares of common stock and warrants to purchase an aggregate of 18,910,000 shares of common stock. The shares and warrants in the underwritten public offering were sold as a fixed combination, with each combination consisting of one share of common stock and one warrant to purchase one share of common stock at a price to the public of $0.15 per fixed combination. The underwriter also purchased 2,836,500 warrants pursuant to the exercise of its over-allotment option. These warrants have an exercise price of $0.15 per share, are immediately exercisable and will expire on February 20, 2018. The warrants are subject to weighted average anti-dilution provisions in the event of issuance of additional shares of common stock and certain other conditions, as further described in the warrant agreement. Additionally, in the event of a sale of the Company, and under certain conditions, each warrant holder has the right to require the Company to purchase such holder’s warrants at a price determined using a Black-Scholes option pricing model. The underwriter was also granted an additional 1,891,000 warrants at $0.18 per share. These warrants are exercisable on February 13, 2014 and will expire on February 13, 2018. Net proceeds, after underwriting discounts and commissions and other fees and expenses payable by Plug Power, were $1,948,766. On February 21, 2013, the Company sold 2,801,800 additional shares of common stock, pursuant to the underwriter’s exercise of its overallotment option in connection with the public offering, resulting in additional net proceeds to the Company of approximately $364,794. The total net proceeds to Plug Power from the February 2013 public offerings were $2,313,560.