Plug Power Inc. (NasdaqCM:PLUG) entered into a definitive agreement with new investor Grove Energy Capital LLC for private placement of 51,428,119 shares at the price of $29.2893 per share for gross proceeds of $1,506,293,606 on January 6, 2021. The investor will acquire approximately 9.9% stake in the company. The shares will be issued at a premium to par value of $0.01 per share. The transaction contains customary representations, warranties and covenants and conditions to closing, including receipt of all approvals or the termination or expiration of all waiting periods required under applicable antitrust laws. The transaction may be terminated by either the company or investor if the closing has not occurred by March 5, 2021, subject to extension to April 2, 2021, in the event antitrust approval has not been obtained. The investor will be entitled to designate one person to the company's board of directors. The shares are subject to hold period till second anniversary of closing of transaction. The shares will be issued pursuant to exemption provided by Section 4(a)(2) of the Securities Act of 1933, as amended.