PLUG Stock Today (Nov. 21, 2025): Plug Power Slips as New Convertible Notes and Dilution Fears Weigh on Shares
Plug Power shares closed at $1.87 on Friday, down nearly 1% after a $375 million convertible notes deal triggered renewed dilution concerns. The stock has dropped over 50% since early October and sits near the lower half of its 52-week range. Volume was about 32 million shares, far below the three-month average. The new notes, due 2033, carry a 6.75% coupon and could add up to 125 million shares if fully converted.