Plug Power (PLUG) Stock Plunges as $375 Million Convertible Notes Deal Caps Month of High-Stakes Moves – What Investors Need to Know Today (19 November 2025)
Hydrogen pioneer slashes high‑interest debt, suspends DOE-backed projects, wins a record UK electrolyzer deal – and faces a sharp market backlash. Plug Power stock tumbles after pricing $375M convertible notes Plug Power’s latest refinancing is the big story for 19 November 2025. On Tuesday night, the company priced $375 million of 6.75% Convertible Senior Notes due 2033 in a private offering to institutional investors, with an additional $56.25 million greenshoe option for the initial purchasers. The notes were sold at 95% of face value, generating expected net proceeds of about $347.2 million, or up to $399.4 million if the option