New York, Jan 12, 2026, 11:01 ET — Regular session
- Plug Power shares rose 4.1% to $2.28, while the broader market edged down slightly
- Management will present at the UBS energy conference this Monday
- Company warns it will seek a reverse stock split if shareholders turn down the proposal to increase authorized shares
Plug Power Inc (PLUG) shares climbed 4.1% to $2.28 by late morning on Monday, trading in a range from $2.14 up to $2.30. Roughly 28.4 million shares changed hands.
Investors are zeroing in on Plug’s special meeting set for Jan. 29, where shareholders will vote on key charter amendments — notably raising authorized common shares from 1.5 billion to 3.0 billion. Plug warned that if the increase fails, it “will implement a reverse stock split” to free up shares needed to meet financial commitments and maintain operational flexibility. Back in November, then-CEO Andy Marsh described these changes as “essential” to guarantee Plug has the “resources and flexibility” to carry out its strategy. 1
Plug executives Jose Luis Crespo and investor relations chief Roberto Friedlander will take part in UBS’s Global Energy & Utilities Winter Conference on Monday, the company’s events calendar shows. 2
Authorized shares set the maximum number of shares a company can issue according to its charter. A reverse stock split reduces the number of shares outstanding, which can create space for issuing more stock down the line, but it often unsettles investors since the share count drops sharply overnight.
Last week, Plug revealed adjustments to its longstanding deal with Walmart. According to a regulatory filing, Plug inked a “Release Event License Agreement” granting Walmart conditional, limited access to some escrowed GenKey-system materials— but only if certain “release events” happen. Walmart also agreed to terminate a 2017 transaction agreement linked to a warrant. Plug noted this step removes the risk of diluting roughly 42.2 million shares down the line.
The exhibit revealed that the contract’s definition of “release events” covers bankruptcy-related triggers along with other disruptions connected to the GenKey system.
Plug’s gains didn’t carry over to its fuel-cell peers. Bloom Energy slipped roughly 1.4%, FuelCell Energy edged down 0.3%, and Ballard Power barely moved. The S&P 500 ETF dipped around 0.1%.
The setup works both ways. Approving a higher share cap would give Plug more flexibility to raise funds, but it also opens the door to easier dilution. If rejected, attention could shift to a reverse split and how the company plans to handle its short-term financing needs.
Coming up: any insights from management’s UBS appearance and the shareholder vote set for Jan. 29 at 10:00 a.m. ET, streamed live via webcast.
