Actions of the fuel cell pioneer Connect the power (NASDAQ: PLUG) are down 4% today (at 12:20 a.m. EDT). This is the fourth drop in the stock in the past five days – and for no apparent reason, specific to Plug.
No downgrading of analysts, no lowering of price targets – nothing. And in the absence of any obvious “bad news” about Plug, I’m going to have to attribute the fall in Plug’s share price to another stock entirely: AMCI Acquisition Corp. (NASDAQ: AMCI).
As you’ve probably noticed, the fuel cell sector of the power industry has been on fire this year, with the stock of Plug Power in particular four times the price in 10 months. Such stock market riches have not gone unnoticed by Special Purpose Acquisition Companies (SPACs), it seems. On Tuesday this week, one such company, AMCI, announced its intention to acquire and publicize a fuel cell company of its own: Advent Technologies. It will be listed on the Nasdaq at an estimated enterprise value of $ 358 million sometime in “the fourth quarter of 2020 or early 2021,” according to a press release.
Advent specializes in “next-generation fuel cell technology for the transportation, aviation and off-grid power generation markets,” says AMCI, taking particular note of its production of “membranes from the grid. exchange of high temperature protons and membrane electrode assemblies ”.
Little more is known about Advent or AMCI at this time, but here’s why this IPO could prove relevant to the decline in Plug’s share price:
Investors have become very hot and worried about the prospects of companies going public through PSPC rapidly increasing in value. An illustration of their hopes is the Advent promise that Advent will reach an “enterprise value” of $ 358 million in just a few months, while AMCI’s own shares are worth just $ 210 million today. hui.
If flying fuel cell investors are distracted by this shiny new object, Advent’s IPO, they may lose interest in the Plug stock – which, yes, has risen 460% in the past. over the past year, but who may be suffering now done to me recently? “syndrome. That is, in a nutshell, why I think Plug’s stock is down today – and a summer down since the AMCI announcement.
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