---
schema_version: "secwatch.filing_event.v1"
accession: "0001104659-24-039035"
form_type: "8-K"
ticker: "PLUG"
cik: "0001093691"
company_name: "PLUG POWER INC"
filed_at: "2024-03-26T23:59:59+00:00"
generated_at: "2026-06-04T07:34:59.019819+00:00"
event_type: "debt"
sentiment: "neutral"
materiality_score: 0.7
calibrated_materiality_score: 0.7
confidence: "high"
source: SEC EDGAR
---

# Plug Power exchanges $138.8M of 3.75% notes for $140.4M of 7% notes due 2026; board rebalanced

## Summary
- Issued $140.4M of 7.00% Convertible Senior Notes due 2026 in exchange for $138.8M of 3.75% notes due 2025.
- About $58.5M of 2025 Notes remain outstanding with original terms unchanged.
- New notes have initial conversion price of ~$4.25/share; redeemable after June 5, 2025 under conditions.
- Director Gary K. Willis reclassified from Class I to Class III to equalize board classes to three each, effective March 26, 2024.

## SEC filing metadata
- accession: 0001104659-24-039035
- form_type: 8-K
- ticker: PLUG
- cik: 0001093691
- company_name: PLUG POWER INC
- filed_at: 2024-03-26T23:59:59+00:00
- event_type: debt
- sentiment: neutral
- materiality_score: 0.7
- calibrated_materiality_score: 0.7
- confidence: high
- sec_items: 1.01, 2.03, 3.02, 5.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1093691/000110465924039035/0001104659-24-039035-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1093691/000110465924039035/tm249416d1_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001104659-24-039035
- JSON: https://secwatch.observer/filing/0001104659-24-039035.json
- Plain text: https://secwatch.observer/filing/0001104659-24-039035.txt

## Key facts
- Debt Financings
  PLUG POWER INC incurred convertible notes of $140,396,000 with Wilmington Trust, National Association at 7.00% per annum maturing June 1, 2026.
  - Instrument: convertible notes
  - Principal: $140,396,000
  - Counterparty: Wilmington Trust, National Association
  - Rate: 7.00% per annum
  - Maturity: June 1, 2026
  - Event: incurrence
  source text: On March 20, 2024, in connection with the consummation of previously announced private exchange transactions, Plug Power Inc., a Delaware corporation (the “Company”), issued $140,396,000 in aggregate principal amount of its 7.00% Convertible Senior Notes due 2026 (the “New Notes”) under an Indenture, dated March 20, 2024 (the “Indenture”), between the Company and Wilmington Trust, National Association, as trustee.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1093691/000110465924039035/0001104659-24-039035-index.htm
- Material Agreements
  PLUG POWER INC entered into Indenture with Wilmington Trust, National Association, as trustee valued at $140,396,000 in aggregate principal amount (effective 2024-03-20).
  - Action: entry
  - Agreement: notes offering
  - Counterparty: Wilmington Trust, National Association, as trustee
  - Value: $140,396,000 in aggregate principal amount
  - Effective: 2024-03-20
  source text: On March 20, 2024, in connection with the consummation of previously announced private exchange transactions, Plug Power Inc., a Delaware corporation (the “Company”), issued $140,396,000 in aggregate principal amount of its 7.00% Convertible Senior Notes due 2026 (the “New Notes”) under an Indenture, dated March 20, 2024 (the “Indenture”), between the Company and Wilmington Trust, National Association, as trustee.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1093691/000110465924039035/0001104659-24-039035-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.