NEW YORK, January 2, 2026, 07:20 ET — Premarket
- Plug Power shares rose 1.8% in premarket trading.
- The company told investors it will pursue a reverse stock split if a proposal to increase authorized shares fails.
- Traders are watching a late-January shareholder vote after a fresh SEC filing and a recent analyst upgrade.
Plug Power shares rose 1.8% in premarket trading on Friday, changing hands at $1.97.
The hydrogen fuel-cell and electrolyzer maker is pressing shareholders to back charter amendments that would broaden its flexibility to issue stock, a flashpoint for investors wary of dilution.
The timing matters because the proposals sit at the intersection of funding and governance. Investors often treat any path toward new share issuance — or a reverse split — as a near-term catalyst for small-cap names under financing scrutiny.
In an email to certain stockholders filed with the U.S. Securities and Exchange Commission on Dec. 31, Plug said it needs the changes to “meet existing contractual commitments” and preserve operating flexibility, and warned it would implement a reverse stock split if Proposal 2 is not approved. CEO Andy Marsh wrote Proposal 2 “is essential to the Company’s ability to meet its financial obligations,” while adding that approval would not mean immediate issuance of new shares. 1
Plug’s investor materials show shareholders will vote on Jan. 29 on a package that includes lifting authorized common shares to 3.0 billion from 1.5 billion, and adjusting voting requirements for certain future charter amendments in line with Delaware corporate law. 2
“Authorized shares” refers to the maximum number of shares a company is allowed to issue under its charter. Raising that ceiling can enable future equity fundraising, which can dilute existing holders by reducing each share’s slice of ownership.
Reverse stock splits — which combine shares to lift the per-share price mathematically — do not change a company’s overall value on their own, but traders often read them as a signal the company is trying to create more room for future issuances.
The proxy push comes after Clear Street upgraded Plug to “Buy” and set a $3 price target, according to a Nasdaq.com report published on Dec. 31. 3
Other U.S.-listed fuel cell and hydrogen names were mixed before the open, with Bloom Energy down about 0.4%, Ballard Power up about 0.2%, and FuelCell Energy down about 7.9%.
For Plug investors, the countdown is now to the Jan. 29 vote and any read-through on how likely shareholders are to approve the authorized-share increase. A high retail ownership base can make turnout unpredictable, and the company has framed the proposals as central to “financial flexibility.”
Traders will also scan for management commentary ahead of that meeting. Plug’s investor site lists a Jan. 12 appearance at the UBS Global Energy & Utilities Winter Conference featuring President Jose Luis Crespo and investor relations chief Roberto Friedlander. 4
