New York, Feb 5, 2026, 15:45 (EST) — Regular session
- Plug Power shares were down about 9% in afternoon trading, extending a choppy week for the hydrogen name.
- A shareholder vote on two charter proposals again fell short, pushing the special meeting to Feb. 17.
- CEO Andy Marsh has warned the company may have to pursue a reverse stock split if one proposal fails.
Plug Power shares were down 9.3% at $1.86 on Thursday, with the hydrogen company’s proxy fight back in focus after it disclosed another delay in a special shareholder vote.
In a filing, Plug said stockholders still have not delivered enough votes on two charter proposals — one that would tweak voting requirements for certain future amendments, and another that would lift the company’s authorized common shares to 3.0 billion from 1.5 billion. Preliminary results showed about 39.63% of outstanding shares voted in favor of Proposal 1 and about 49.40% backed Proposal 2, the filing showed. Plug adjourned the meeting again, setting a Feb. 17 reconvening at 4 p.m. EST and urging votes by Feb. 16.
Why it matters now is simple: “authorized shares” is the ceiling on how many shares a company is allowed to issue. Raising that ceiling can give management more room to fund obligations or finance operations, but it can also revive dilution worries in a stock already trading in the low single digits.
A separate message filed earlier this week underscored the stakes. “If Proposal 2 does not pass, the company will need to implement a reverse stock split,” CEO Andy Marsh wrote, tying the fallback to boosting authorized shares available for issuance to meet contractual obligations. A reverse stock split combines shares to lift the per-share price without changing the company’s overall value.
Plug also pointed investors this week to an operational milestone in Europe, announcing it completed the first hydrogen fill of Hynetwork’s 32-kilometer hydrogen pipeline in Rotterdam, supplying 32 tons of RFNBO-certified renewable hydrogen — an EU label for renewable fuels of non-biological origin — along with custom unloading infrastructure. “Plug is proud to support the commissioning of the Rotterdam pipeline,” said Jose Luis Crespo, Plug’s president and chief revenue officer. Hynetwork project director Sietse Wijnstra called the first fill “a major step” for rolling out the network. Plug Power
Hydrogen-linked names were broadly weaker alongside Plug. Ballard Power Systems fell 7.9%, Bloom Energy slid 8.6% and Air Products dipped 0.8% in afternoon U.S. trading.
The wider tape did not help. Wall Street slid as heavyweight tech stocks fell on worries over returns from rising AI spending, while fresh data showed weekly jobless claims rising to 231,000 and job openings slipping to a multi-year low.
But the downside scenario for Plug is more specific than the macro. If turnout stays thin and Proposal 2 stalls again, the company has already flagged a reverse split as the backstop — a step that often brings a new wave of volatility, especially in low-priced stocks.
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