Plug Power (PLUG) Stock Crashes on $375 Million Convertible Debt Deal: What Investors Need to Know Today (November 19, 2025)
Plug Power shares fell about 14% to $1.80–$1.85 by mid-afternoon November 19, after a $375 million convertible notes offering triggered a sell-off. Trading volume topped 180 million shares, nearly double the average. The company paused six U.S. hydrogen projects, raising concerns over a $1.7 billion DOE loan guarantee. Analyst targets remain mixed, with most near $2 and one outlier at $7.