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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 a before-after style framing to highlight the trade-off between cash preservation and equity dilution.",
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      "kind": "callout",
      "text": "...but at the expense of shareholders",
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      "text": "Restricted Cash, Total",
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      "text": "In 2017, management announced that it had expanded terms with Walmart and Amazon without having to commit additional capital towards restricted cash. However, this came at the cost of heavy shareholder dilution...",
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      "text": "How excited should investors be about PLUG's incremental growth if it must come either at the expense of investors of Company liquidity?",
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