New York, Feb 2, 2026, 07:17 (ET) — Premarket
- Shares of Plug Power dip ahead of the opening bell, with investors zeroing in on a shareholder vote linked to upcoming stock issuance
- The hydrogen fuel-cell maker will address investor questions Monday, ahead of a special meeting scheduled for Feb. 5
- The company warned that a failed vote might lead to a reverse stock split
Shares of Plug Power Inc (PLUG) dropped 1.2% in premarket Monday, slipping to $2.09. The dip comes as investors digest a shareholder vote that might give the hydrogen firm more leeway to issue additional stock. (Investing)
The company wants shareholders to approve a change doubling its authorized common shares from 1.5 billion to 3 billion. It’s also pushing to “modernize” voting rules that could raise the bar for passing proposals when turnout dips. Authorized shares set the legal limit on how many shares the company can issue under its charter. (Plug Power)
The timing is crucial because Plug has pitched the proposals as a move to boost financing and add flexibility, yet the market often sees a higher share cap as a signal for potential dilution. The stock ended Friday down 9.6% at $2.12, with trading volume surpassing its recent average, MarketWatch data shows. (MarketWatch)
Plug revealed in an SEC filing that its Jan. 29 special meeting had a quorum of 732.8 million shares. Proposal 2 secured 652.9 million votes in favor, yet the company decided to adjourn until Feb. 5 to gather more proxies. The filing also scheduled an investor Q&A “townhall” for Feb. 2 at 10:00 a.m. ET related to the proposals.
Chief Executive Andy Marsh said the company will continue to rally support and insisted the share increase is a better choice than a reverse split. “We are very close to approval of Proposal 2,” Marsh said in a company statement, describing it as “a more measured and stockholder-responsive path forward” compared to the alternative. (Plug Power)
A reverse stock split combines existing shares into a smaller number, usually to boost the per-share price. Plug has warned investors it would pursue this option if Proposal 2 doesn’t pass, a move that would also increase the number of shares it can issue under its current authorization.
In a blog post, Marsh tackled a key concern directly — dilution — saying the company has no alternative but to expand share capacity. “We must either increase the number of shares or do a reverse stock split; there is no other choice due to contractual obligations,” he wrote. (Plug Power)
But the vote works both ways for shareholders. A “yes” might weigh on the stock if Plug rushes to sell shares amid weakness. On the other hand, a “no” could lead to a reverse split, which often unsettles short-term investors and brings fresh headline risk to an already volatile stock.
Plug Power, headquartered in Slingerlands, New York, specializes in hydrogen fuel-cell systems and related gear. The business has long been known for its heavy upfront costs and ongoing funding needs.
When Plug opens the lines at 10 a.m. ET Monday, investors will be eager for updates on vote progress and financing plans. The real test comes Thursday, Feb. 5, at the special meeting.
