New York, Feb 9, 2026, 08:09 EST — Premarket
Plug Power Inc (PLUG.O) picked up 1.2% to $2.10 before the bell Monday, following an 11.6% rally to $2.075 at Friday’s close. 1
Investors are already positioning ahead of Plug’s Feb. 17 special stockholder meeting redo, after the company once more failed to secure enough votes for two charter amendments, according to a filing. One proposal would bump up authorized common shares to 3.0 billion—effectively raising the limit on stock Plug can legally issue. 2
Shares have been volatile following the vote. Thursday saw a 9.3% drop, only for the stock to rebound 11.6% on Friday amid unusually heavy trading. According to MarketWatch data, Ballard Power Systems, another fuel-cell company, also ended higher Friday. 3
Plug’s management is pitching the proposed share increase as a necessary move, not just another dilution. On Feb. 3, Chief Executive and Executive Chairman Andy Marsh cautioned in a blog post that without shareholder approval, the company might be forced into a reverse stock split “to meet our contractual obligations.” 4
Reverse stock splits chop down the share count and push the price per share higher, but don’t actually inject any new cash. Traders tend to see the move as a signal the company’s scrambling to buy some time.
Plug’s business centers on hydrogen and fuel cell systems; it also manufactures electrolyzers that customers use for on-site hydrogen production, its LSEG company profile shows. 5
Plug is touting some operational progress, too. According to a Reuters brief last week, the company finished its first hydrogen fill for Hynetwork’s Rotterdam segment—32 tons of RFNBO hydrogen delivered, with tailored infrastructure provided. 6
Even so, the stock has seen sentiment shift on a dime before. Plug shares have swung between $0.69 and $4.58 over the past year, according to Business Insider data. Analysts? The consensus tilts toward “hold.” 7
The next potential mover: earnings. Plug is due to report on Feb. 26, according to Investing.com, and the focus will be on details about cash burn, liquidity, and any evidence that hydrogen demand is actually showing up as new orders. 8
The bigger headache right now is governance. A stalled vote leaves uncertainty clouding any strategy that requires share capacity, keeping the stock vulnerable to headlines.
