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  "documentTitle": "Plug Power Inc. (PLUG)",
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  "authorName": "Spruce Point Capital Management",
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  "presentationDate": "2019-12-19 00:00:00",
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  "notes": "Uses excerpts from SEC filings (10-Q) to contrast loan terms.",
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      "kind": "callout",
      "text": "Item 3.01. Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing. On July 18, 2019, FuelCell Energy, Inc. (the “Company”) received a letter from The Nasdaq Stock Market (“Nasdaq”) stating that the Company is not in compliance with Nasdaq Listing Rule 5450(a)(1) because the closing bid price of the Company’s common stock was below the required minimum of $1.00 per share for the previous 30 consecutive business days.",
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      "kind": "callout",
      "text": "Spruce Point believes that lenders are implicitly communicating that they see just as much, if not more risk in PLUG than in its penny-stock peers.",
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      "text": "interest rate: 12%",
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      "text": "Advances under the Term Loan Facility bear interest at 12.0% per annum. The Term Loan Facility is secured by substantially all of the Company’s and the guarantor subsidiaries’ assets, including, among other assets, all intellectual property, all securities in domestic subsidiaries and 65% of the securities in foreign subsidiaries, subject to certain exceptions and exclusions.",
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      "text": "PLUG pays an expensive 12% rate on its $100M term loan with Generate Capital. Meanwhile, FuelCell Energy (NASDAQ:FCEL), a close comp of PLUG which is at risk of being de-listed for trading under $1.00 per share, pays only 10.65% on its $25M term loan with Hercules Capital - also expensive, but not as cumbersome as PLUG's burdensome interest. Hercules also does not require FuelCell to post its IP and other various assets as collateral. PLUG, however, is required to post all of its domestic assets as collateral for its term loan with Generate. Spruce Point believes that lenders are implicitly communicating that they see just as much, if not more risk in PLUG than in its penny-stock peers.",
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      "text": "In April 2016, the Company entered into a loan and security agreement... The term loan interest rate as of July 31, 2019 was 10.65%. As collateral for obligations under the Hercules Agreement, the Company granted Hercules a security interest in FuelCell Energy, Inc.'s existing and thereafter-acquired assets except for intellectual property and certain other excluded assets.",
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      "kind": "title",
      "text": "Loan Agreements Suggest Lenders See PLUG As Even Riskier Than Penny Stock Comps",
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      "kind": "title",
      "text": "FCEL Q3 2019 10-Q",
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