New York, Jan 31, 2026, 06:28 EST — Market closed.
- Shares of Plug Power tumbled 9.6% on Friday, closing at $2.12.
- Investors are gearing up for a shareholder vote on Feb. 5 to decide on a proposal to double the number of authorized shares.
- The company scheduled a Feb. 2 investor Q&A before the meeting resumes.
Shares of Plug Power Inc (PLUG.O) dropped 9.6% on Friday, ending the day at $2.12. The stock lagged behind rivals like Air Products and Chemicals and Ballard Power Systems during a downbeat Nasdaq session, MarketWatch reported. (MarketWatch)
Markets are closed for the weekend, shifting focus from Friday’s action to next week’s votes. Plug Power is seeking shareholder approval to increase its authorized shares. This step can provide flexibility for future fundraising but often rattles investors concerned about dilution.
A special shareholder meeting that began on Jan. 29 has been adjourned and is set to resume on Feb. 5, according to a filing with the U.S. Securities and Exchange Commission. The company is working to secure additional proxies. Shareholders are being asked to approve charter amendments, including a proposal to increase authorized common shares from 1.5 billion to 3.0 billion.
Plug Power reported that roughly 89% of votes cast supported the share authorization proposal, yet the turnout fell short of the “majority of outstanding shares” needed for approval. “We will continue our campaign to solicit votes for Proposals 1 and 2,” Andy Marsh stated. (Plug Power)
Marsh told the Times Union he wasn’t concerned about securing the needed votes, highlighting the challenges of gathering ballots from overseas shareholders. “That makes it harder,” he said, adding that roughly a quarter of shareholders are based internationally. (Times Union)
The company scheduled an investor Q&A forum for Feb. 2 at 10 a.m. ET, just before the Feb. 5 vote. It said the call will focus exclusively on questions related to the proposals. (Plug Power)
“Authorized shares” set the maximum number of shares a company can issue under its charter. Increasing this limit doesn’t create new stock immediately but paves the way for easier share sales down the line.
A reverse stock split works differently: it cuts the number of shares outstanding and pushes the share price up, but leaves the company’s actual value untouched. Plug Power is pitching the current vote as a move to sidestep relying on that tactic.
The risk is clear: if the proposals fail to reach the necessary participation, the company might still pursue the reverse split it has hinted at. Investors could continue viewing any expanded share authorization as a looming dilution threat.
Upcoming triggers are locked in: the Feb. 2 investor forum and the Feb. 5 reconvened meeting. The vote’s result will probably dictate Plug Power’s funding strategy moving forward.
