Clarification on Recent Private Sale of Series C Preferred Stock
By Andy Marsh, President & CEO
There seems to be confusion about a transaction that occurred earlier this week. An affiliate of one of our board members purchased approximately half of Air Liquide’s remaining stake in the Series C Preferred stock. This was done at the market price of about $1.18 per common share equivalent on the day of the transaction.
The math: 2,620 preferred shares purchased at $1,256.81/preferred share equals total transaction value of $3,292,842.20. The 2,620 preferred shares convert into 2,782,075 common shares, resulting in the equivalent of $1.18 per common share price.
This was completed as a private transaction between shareholders, which includes a six month period where the shares cannot be resold. It highlights the commitment to the long term growth and value of Plug Power.