New York, Jan 8, 2026, 09:34 EST — Regular session
- PLUG shares rose about 1% early Thursday, trimming Wednesday’s slide
- A new SEC filing detailed a Walmart agreement that cancels a large warrant package
- Investors’ next focus: Plug’s Jan. 29 shareholder vote on boosting authorized shares
Plug Power shares rose about 1% to $2.30 in early trade on Thursday, steadying after a choppy week for the hydrogen fuel-cell maker. 1
The move matters because Plug is trying to ease near-term pressure on its capital structure while keeping a key customer close. Traders have been fixated on share supply and any sign of future dilution.
In a filing, Plug said it struck a “Release Event” license agreement with Walmart effective Dec. 30, laying out what happens if certain bad scenarios hit, including bankruptcy-related events or disruptions that leave too much of Walmart’s industrial-truck fleet out of service. The agreement also unwinds a 2017 transaction that gave Walmart a warrant to buy up to about 55.3 million Plug shares; Plug said Walmart agreed to forfeit vested portions, and unvested portions were cancelled, removing potential future dilution of up to about 42.2 million shares. 2
Plug said it will place certain GenKey system software, documentation and related materials into escrow for Walmart’s benefit. Walmart would get a contingent, limited-use license to access those materials only after a release event, and only for internal maintenance, the filing showed. Plug said the deal runs 15 years and includes a one-time initial license fee and an annual fee structure that steps up if a release event occurs. 2
Plug closed at $2.28 on Wednesday, down 4.6%, snapping a four-day winning streak, according to MarketWatch data. On the day, Ballard Power fell 2.9% while Air Products gained 1.4%. 3
The Walmart filing lands with Plug’s own shareholder meeting around the corner. Plug has set a special meeting for Jan. 29, when investors will vote on raising authorized common shares — the maximum number the company can issue — to 3.0 billion from 1.5 billion, and on updating charter voting standards. Plug has said a failed vote could push it toward a reverse stock split, which reduces share count by combining shares, to create room under its authorized-share limit. 4
Still, the Walmart agreement is not a clean bill of health. The very existence of a release-event framework, with triggers tied to bankruptcy filings and operational outages, underlines the downside case: service slips, liquidity strain and, even with a warrant cancelled, more equity could still come to market if Plug needs cash.
