PLUG has a net debt (plus obligations) of $31MM ($24MM debt and a total of $131MM obligations vs $100MM of cash and restricted cash to be held against these obligations) on a market cap of $402MM (and $159MM at the lows) so manageable wrt to market cap (they can feasibly raise equity to deal with it) even though high compared to cash flow. Also most of these obligations are not within one year but one to three years.
LEXG has net debt of over $5MM on a market cap of $1.3M and all of it is short-term. Thus PLUG has a net debt to market cap of 0.08x versus LEXG 2.94x so a debt burden more than 36x greater for LEXG - plus it is all short-term and with toxic convertibles for LEXG.
I agree you might make money flipping this higher but the odds are against you as you are the fish at the poker table relative to the convertible investors. So call it a "hope trade" and not investing.
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