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)
Plug Power shares fell over 20% after the company priced $375 million in 6.75% convertible notes due 2033, raising dilution concerns. Proceeds will repay higher-interest debt and extend maturities. The company suspended $1.66 billion in DOE-backed hydrogen projects and reported a $2.1 billion loss for 2024. Wall Street consensus remains at “Hold” with a $2.42 average price target.