New York, Jan 25, 2026, 05:27 EST — Market closed.
Plug Power (PLUG.O) closed Friday down 3.47% at $2.50, sliding during a mixed day for U.S. stocks. The hydrogen company’s shares remain about 45% below their 52-week peak. Volume reached 107.9 million shares, just above the 50-day average, as Air Products fell and fuel-cell rival Ballard Power also dipped. 1
The stock is now heading toward a shareholder meeting on Jan. 29, where investors will decide on proposals that could expand Plug’s capacity to issue more shares. According to its investor site, Plug is asking to double its authorized common shares from 1.5 billion to 3.0 billion and seeks to alter voting standards. The board has recommended shareholders support these moves. 2
That’s crucial today since “authorized shares” set the maximum stock a company can issue. Upping that limit lets a company raise cash or cover share-based commitments, but it risks diluting existing shareholders if those new shares hit the market.
Plug also warned it would go for a reverse stock split if the authorized-share proposal doesn’t pass. This move combines existing shares into fewer ones, pushing up the per-share price by default. The company’s overall value stays the same, but such a step can still spook investors, especially with a low-priced stock.
On Friday, Plug highlighted its operational gains in Europe. The company finished installing 100 megawatts of its PEM (proton exchange membrane) GenEco electrolyzers at Galp’s Sines refinery in Portugal, with commissioning set to start “in the coming months.” When up and running, the system should generate up to 15,000 tons of renewable hydrogen annually, cutting about 20% of the refinery’s “grey hydrogen” use — hydrogen usually made from fossil fuels without emission capture — and slashing emissions by 110,000 tons each year. “Large-scale green hydrogen is not just possible, it’s happening today,” said Jose Luis Crespo, Plug’s president and chief revenue officer, in the release. 3
The stock has reacted sharply to the headlines. On Thursday, Plug shares climbed 16.67% to $2.59, with volume spiking well beyond its recent average, only to retreat the following day. 4
Investors are digging into older dilution issues ahead of the Jan. 29 vote. In an 8-K filed earlier this month, Plug announced Walmart agreed to cancel a 2017 warrant to purchase up to 55.3 million shares. That move wipes out potential dilution of roughly 42.2 million shares, as none will now be issuable under the warrant.
The immediate risk hinges on the vote. Should shareholders greenlight a larger authorized-share pool, the market will scramble to gauge how fast Plug could tap into it. If the proposal flops and Plug opts for a reverse split instead, expect choppy trading and a sharp drop in liquidity.
U.S. markets are shut for the weekend, so all eyes turn to Monday’s open for positioning. After that, the Jan. 29 meeting stands as the next major event for PLUG, with investors watching closely to see if the company can maintain financial flexibility without sparking new dilution concerns.
