If one stock captures the bizarro world of finance in the past year, it is forklift fuel-cell maker Plug Power .
The story involves wacky financial engineering, a company that started the year flirting with penny-share status and became one of the country’s 200 most valuable, a bet on clean transportation that has terrible environmental ratings, and a multi-hundred-million-dollar profit for Amazon . It isThe wackiest part is that Plug Power reported negative revenue last year, a hard-to-accomplish feat.
Plug Power’s sales were negative for a truly audacious reason: The share price went up. Yes, you read that right. The companyso that when customers bought enough forklift power units, they got a discount in the form of warrants, the right to buy shares at a set price in the future. It is a great idea in principle, rewarding customer loyalty and aligning their interests with shareholders. But it works out badly in practice when the share price goes up 2,000% just as the customer needs lots more warehouses and forklifts to satisfy lockdown demand.
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