NEW YORK, Jan 22, 2026, 08:29 EST — Premarket
- Plug Power shares held steady in premarket, following a two-day drop
- CEO Andy Marsh will host a Reddit Q&A ahead of the shareholder vote on Jan. 29
- Investors are considering a plan to double the authorized shares, keeping a reverse split as a backup option
Plug Power Inc shares held steady in premarket Thursday at $2.22. The hydrogen fuel-cell company announced that CEO Andy Marsh will lead a Reddit “Ask Me Anything” session later today. This comes ahead of a special meeting on Jan. 29 to discuss proposed charter amendments, including expanding authority to issue more stock. 1
The vote is crucial as Plug is asking investors to double its authorized share count — the legal limit on how many shares it can issue. This move would make raising cash easier but risks diluting current shareholders. The company wants to increase authorized common shares from 1.5 billion to 3 billion. If shareholders reject the proposal, Plug says it will pursue a reverse stock split instead. That would cut the number of shares outstanding and boost the share price, though the company’s total market value remains unchanged. 2
The stock showed volatility as traders adjusted ahead of the expected outcome. Plug dropped 3.9% on Wednesday, closing at $2.22 and slipping for a second day, even while U.S. indexes edged higher. Volume surged past 135 million shares. Canadian fuel-cell rival Ballard Power Systems also dipped, down about 1.1% that day. 3
Dilution has long frustrated Plug investors, and the company has taken steps to ease that pain. A recent SEC filing revealed Walmart agreed to end a 2017 transaction deal that included a warrant — a contract allowing the holder to buy shares at a fixed price — and to give up vested portions, wiping out potential dilution of roughly 42.2 million shares down the line.
The outlook remains challenging. In its recent quarterly filing, Plug reported a net loss of $363.5 million for Q3 ending Sept. 30, dragging its nine-month net loss to $789.1 million in 2025. 4
Thursday’s Reddit session will hinge on two key points: how management justifies the push for increased share capacity, and whether it can quiet the long-standing concerns about “more dilution” dogging the stock. The timing isn’t ideal either, given Plug’s planned CEO transition in March.
The vote swings both ways. A yes would grant Plug the leeway to handle obligations and fund its operations, but it would also pave the way for easier future stock sales. If rejected, the company might face a reverse split and renewed volatility, especially if funding avenues tighten.
Investors are eyeing potential tone changes following the AMA and the shareholder vote on Jan. 29. Plug has announced a second Reddit session for March, with incoming CEO Jose Luis Crespo set to field questions about its 2025 outlook.
