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  "documentTitle": "Plug Power Inc. (PLUG)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Spruce Point Capital Management",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2019-12-19 00:00:00",
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  "notes": "The slide uses a red arrow to connect the 'Total Potential Dilution' figure to a callout box emphasizing the 80% increase in share count.",
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      "kind": "callout",
      "text": "Spruce Point believes that investors do not fully appreciate the extent to which they have been diluted by management. Given PLUG's current cash burn rate and ballooning debt levels, we believe that future equity raises are highly likely",
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      "kind": "callout",
      "text": "Total potential dilutive shares, all of which are in-the-money, stand to increase the current share count by 80%",
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      "text": "dilution: 80%",
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      "kind": "paragraph",
      "text": "PLUG management has shown no reluctance to dilute existing shareholders, whether to raise capital or secure new customers. But do shareholders fully understand the extent to which they have been diluted to date, and to which they might be diluted as the Company continues to burn cash?",
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      "kind": "source-note",
      "text": "1. Excludes 5.25M Tech Ops warrants recently exercised 2. As of Nov 8, 2019, as reported in prospectus 3. As of Sep 30, 2019, as reported in 10-Q",
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      "text": "Market Capitalization table showing current shares, issuance, and pro-forma dilution.",
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      "text": "Dilution table showing Options, Restricted, Warrants, Preferred Stock, and Convertible securities with conversion prices and proceeds.",
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      "text": "Cash and Debt table showing cash sources and debt obligations.",
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      "kind": "title",
      "text": "Do Investors Fully Understand The Capital Structure And Dilution Risk?",
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