New York, Jan 18, 2026, 05:27 (ET) — Market closed
Plug Power Inc shares climbed 4.42% to $2.36 on Friday, outperforming a mostly flat U.S. session and keeping the hydrogen fuel company in focus ahead of next week. Volume surged above its recent average, though the stock still trades roughly 48% under its 52-week peak, highlighting persistent caution among investors. 1
A Jan. 29 shareholder vote is coming up on charter changes that would ease the process for passing certain amendments and double Plug’s authorized common stock from 1.5 billion to 3.0 billion shares. In the definitive proxy statement, CEO Andrew Marsh told shareholders these proposals “directly affect the Company’s ability to raise capital, meet its contractual obligations and execute its business strategy.” 2
The timing is crucial as U.S. stock markets will be closed Monday for Martin Luther King Jr. Day, leaving Tuesday as the next trading day and shortening the window for positioning before the vote. 3
Plug faces a simple but tough limit: authorized shares cap the amount of stock it can issue. Once that cap tightens, financing choices shrink quickly, particularly for companies still dependent on outside capital.
The proxy statement reveals Plug holds “less than 0.4%” of its authorized common stock available for future issuance. It also highlights a Feb. 28, 2026 deadline linked to existing agreements demanding additional authorized shares, which adds pressure to the Jan. 29 meeting.
One twist: Plug pushed a similar authorized-share increase at its July 2025 annual meeting. While it received strong backing from the shares that voted, it failed to clear the company’s existing voting threshold. Now, one proposal seeks to update the charter to match a Delaware law change, allowing certain amendments to pass with a majority of votes cast instead of requiring a majority of all outstanding shares.
The company has a backup plan. Should the authorized-share proposal not pass, the proxy statement notes that Plug will move forward with a reverse stock split it’s already authorized to carry out — cutting the share count and boosting the stock price per share, while the company’s overall value remains unchanged.
Investors often see reverse splits as a red flag. Even if the numbers don’t change, these moves can squeeze liquidity and suggest the company is under pressure. The proxy statement itself admits they’re “often viewed negatively by the market.”
Friday’s action coincided with gains in several hydrogen-related stocks, including Ballard Power Systems. Industrial gas company Air Products also nudged up. Plug’s shares, however, continue to stand out for their high volume and beta, often reacting sharply to news on financing and shareholder moves.
The downside is clear-cut. Should shareholder turnout be low and the proposals flop, Plug might have no choice but to pursue a reverse split—and still struggle to raise funds. And even if the proposals get approved, increasing the authorized shares could lead to new issuances that dilute current investors.
Investors face a key deadline on Jan. 29, when Plug’s shareholders cast their votes in a virtual special meeting — a result that will influence the company’s funding strategy into late February and beyond.
