New York, Feb 8, 2026, 05:44 EST — Market closed.
- Plug Power shares rallied hard on Friday, finishing the week in positive territory.
- Later this month, shareholders are set for another vote—this time on proposals connected to the company’s stock issuance authority.
- Monday brings fresh headline risk following a new class-action announcement that landed over the weekend.
Plug Power (PLUG) surged close to 12% on Friday, capping off the week with a sharp rally for the Nasdaq-traded hydrogen fuel cell company. U.S. markets are shut, so attention turns to the next move.
Plug is making another attempt to win shareholder backing for two charter changes that didn’t get through at a special meeting on Feb. 5, an SEC filing shows. The company plans to pick things up again at 4:00 p.m. Eastern on Feb. 17, putting the proposals back to a vote—including one to raise the cap on authorized common shares to 3 billion, up from the previous 1.5 billion.
Here’s the key point: bumping up the authorized-share limit lets a company keep its options open for future stock issuances. CEO Andy Marsh said in a Jan. 29 statement that Plug is ready to go ahead with a reverse stock split if shareholders don’t approve the share increase—though he described the proposal as a “more measured” response after hearing from investors. 1
Plug ended Friday at $2.08, jumping 11.56%. The Nasdaq Composite put in a 2.18% gain; the Dow finished up 2.47%, according to MarketWatch data. Ballard Power Systems picked up 5.91%. Air Products edged down 0.13%. Volume came in at 108.8 million shares—well over the 50-day average. Even so, Plug trades roughly 55% under its 52-week high. 2
The effort to collect votes continues, with management reaching out to overseas investors. On Feb. 6, Marsh acknowledged it’s been “challenging” for European shareholders to participate and urged: “We are really close.” 3
Over the weekend, law firm Bleichmar Fonti & Auld announced a securities class action targeting Plug and several executives, filed in federal court in New York. Investors have until April 3 to move for lead-plaintiff status, the firm pointed out. 4
Authorized shares set the legal max for how much stock a company is allowed to issue, nothing more. It doesn’t automatically put new shares out. On the flip side, a reverse stock split folds existing shares together into a smaller count—typically a move to boost share price and adjust the numbers.
The road’s hardly smooth. Should Plug miss out on the votes yet again, sentiment could take a hit from a reverse split, while any future equity raises would just bring dilution fears right back for current shareholders.
Coming up this week, traders are eyeing Monday for signs of how the market digests both proxy-vote tension and fresh legal developments—a patch of the market prone to rapid sentiment shifts.
