New York, Jan 29, 2026, 08:47 EST — Premarket
- Shares of Plug Power dipped in premarket action.
- On Thursday, shareholders will cast votes on changes to the charter and a proposal to increase the number of authorized shares.
- The result may influence capital-raising strategies and keep concerns about dilution alive.
Shares of Plug Power (PLUG.O) slipped roughly 0.4% to $2.44 in Thursday’s premarket, following a $2.45 close the previous day. The stock had climbed over 6% across the past two sessions, with around 121 million shares traded on Wednesday. 1
Investors are set to decide at a 10 a.m. ET special meeting on key charter amendments, including a move to double the authorized common shares from 1.5 billion to 3.0 billion. Plug said if that increase is rejected, it plans to pursue a reverse stock split to boost the share price by consolidating shares. The company is also pushing to align its voting rules with Delaware law after a similar proposal garnered about 84% of votes at its 2025 annual meeting but failed under current charter requirements. 2
This isn’t just routine housekeeping. More authorized shares mean Plug could raise cash or pay with stock, which is where concerns about dilution kick in for investors.
Authorized shares don’t alter the share count on their own. Instead, they establish the maximum number of shares that can be issued down the line, which explains why a vote can impact the stock ahead of any actual financing.
Plug’s stock is still down roughly 46% from its 52-week peak, according to MarketWatch. Ballard Power Systems, another player in the fuel-cell sector, saw gains on Wednesday, while Air Products & Chemicals slipped, the report noted. 3
The risk cuts both ways. Even if approval is secured, the stock price can dip if investors expect new share sales to follow quickly.
If the proposals don’t hit the mark, a reverse split might fix the numbers but won’t soothe sentiment. Traders tend to see it as a distress signal.
The next update comes Thursday with the vote result and any accompanying filing detailing the tally. Investors will be watching closely for clues on how fast Plug intends to tap into additional share capacity.
