New York, Feb 11, 2026, 07:24 EST — Premarket
- Plug Power shares slipped 2.9% on Tuesday, ending the day at $2.04—lagging behind broader market moves.
- CEO Andy Marsh said roughly 49.7% of outstanding shares backed Proposal 2—just missing the majority threshold.
- Plug got a break from a New York county agency, which eased the company’s HQ jobs requirements tied to incentives.
Plug Power (PLUG.O) dropped 2.86% to $2.04 on Tuesday. Around 82.4 million shares changed hands—well shy of the stock’s 50-day average. Once again, the hydrogen fuel-cell firm is pushing a proposal to boost its share issuance capacity, grabbing investor attention right before Wednesday’s open. 1
Plug CEO Andy Marsh said about 49.7% of outstanding shares supported Proposal 2, coming up just under what was needed for approval. “A YES vote only increases the authorized shares of common stock available for issuance and avoids a reverse stock split,” Marsh wrote on Plug’s website. 2
Plug is asking investors to sign off on raising its authorized common stock count to 3 billion, doubling from 1.5 billion shares, a regulatory filing shows. The company has already postponed its special meeting several times due to lackluster voter turnout. Now, they’re aiming to try again at 4:00 p.m. EST on Feb. 17.
As of Feb. 5, Proposal 2 had backing from about 49.40% of outstanding shares, the filing shows. That’s just a modest increase since the last reconvened meeting. Marsh pointed out that more than 10 million shares switched over to “yes” and urged investors who either voted “no” before or didn’t participate to reconsider.
Timing matters. This vote stands as a clear test: just how much dilution and rapid-fire fundraising are investors ready to take on? Increasing the authorized share count won’t immediately add stock to the market, but it hands the company levers—selling new shares, structuring deals—that could eventually mean more equity out there.
Plug Power caught a break locally after Albany County’s industrial development agency agreed to trim the company’s jobs requirement tied to tax breaks for its $125 million Slingerlands headquarters. The new target: 650 jobs by end-2027, compared to the earlier 1,087 by end-2025. Plug had already logged 848 employees on site. With these terms, Plug keeps access to more than $8 million in county incentives. The company described the adjustment as a “sustainable and attainable framework under current policy realities.” IDA CEO Kevin O’Connor said the board wanted to be “supportive of Plug in hopes that they grow in the future.” 3
The county’s decision doesn’t settle the shareholder vote, but it does set a tone as the company reins in spending and tries to calm partners and local officials. For a small-cap with a history of sharp swings, that mix can rattle sentiment.
Plenty of risk still hangs over the outcome. Plug has warned shareholders that even if Proposal 2 fails, it could move ahead with a reverse stock split anyway—reducing outstanding shares while nudging up the price—and also push for a larger authorized share count, a path management says it would rather avoid. On another front, law firm Bleichmar Fonti & Auld reached out to investors on Feb. 9, keeping the securities-fraud class action open and urging anyone worried about Plug’s statements on Department of Energy funding to contact them. 4
In regular trading, investors are checking the latest proxy counts and looking to see if the stock sticks close to $2, a level that tends to pull in retail buyers. Another adjournment or surprise filing that changes the capital plan could send shares tumbling.
The company says votes are due by Feb. 16, with the rescheduled meeting slated for Feb. 17. Until then, Plug shares likely swing on each new tally or any shifts in capital structure, less on news about specific hydrogen agreements.
