Plug Power (NASDAQ:PLUG) stock has lost 28% of its value since the novel coronavirus outbreak in China turned into a global pandemic and sparked a worldwide recession.

The company's most recent quarterly earnings report, which came out more than a month ago, showed Plug losing money ($0.06 per share adjusted and $0.07 per share GAAP) and racking up sales at a slower pace than predicted, to boot. And although Plug Power ended the year with "positive adjusted" earnings before interest, taxes, depreciation, and amortization (EBITDA), management was cautious not to predict any such profit in fiscal 2020.

To help weather this rough patch, therefore, the company has just announced in a filing with the SEC that it will be selling "19,633,507 new shares of our common stock" in an attempt to raise "up to" $75 million in new capital.

Woman in suit with hand out superimposed over a stock chart

Image source: Getty Images.

Plug Power announced the sale at an offering price of $3.82 per share, representing a 7%-plus discount to its closing price of $4.12 per share Monday. The news quickly sent the stock lower. As of 4:30 p.m. EDT, the shares are down 3.4% in after-hours trading, after rising nearly 8% during normal trading hours on the Nasdaq.

In its filing, Plug noted that it expects to end up with 337.4 million shares after making this new floatation, implying 5.8% dilution to the share count from this offering.

Founded in 1997, Plug Power stock has never earned a full-year profit, nor generated any operating cash flow from its business. The company burned through $63.7 million in negative free cash flow last year, according to data from S&P Global Market Intelligence.