NEW YORK, Jan 16, 2026, 10:11 a.m. EST — Regular session
Shares of Plug Power Inc rose roughly 2.4% to $2.32 on Friday morning. The stock kicked off at $2.27 and fluctuated between $2.22 and $2.32 during the session. Trading volume hit around 10.4 million shares.
The modest bounce comes ahead of a key event: Plug has scheduled a special meeting for Jan. 29 where shareholders will decide on several proposals, including doubling the company’s authorized shares—from 1.5 billion to 3 billion. Plug described this move as “essential” for meeting financial commitments and preserving flexibility. The company also warned it would pursue a reverse stock split if the proposal doesn’t pass. 1
In a Dec. 31 shareholder email made public in regulatory filings, CEO Andy Marsh framed the vote as a matter of “financial flexibility,” urging investors to back the proposed amendments. Marsh acknowledged concerns about potential dilution but stressed that approval wouldn’t trigger an immediate share issuance. The filing also cautioned the proposals might fail due to turnout issues and other voting hurdles. 2
The stock was already volatile before Friday’s early action. On Thursday, Plug dropped 3.83% to close at $2.26, underperforming both the Nasdaq and Dow. It remains roughly 51% below its 52-week peak of $4.58 set on Oct. 6, according to MarketWatch data. 3
The day before, Plug rose 3.07% to $2.35 while the Nasdaq dropped 1%, despite trading volume staying below its 50-day average, MarketWatch reports. 4
Volatility continues to define Plug’s stock action: it’s traded between about $0.69 and $4.58 over the past year. The shares react sharply to news on financing and changing risk appetite in smaller clean-energy firms. 5
Plug pointed out just how limited its share headroom is. According to additional proxy materials, it has under 0.4% of authorized shares remaining for future issuance. The company cautioned that if the vote fails, a reverse split would likely become “the primary path forward.” It also noted that some shares lent to short sellers might not be eligible to vote for certain holders.
But the vote comes with trade-offs. Approving more authorized shares could pave the way for future equity sales, which risks diluting current shareholders. On the other hand, a reverse split would merge existing shares, usually pushing up the price per share without altering the company’s fundamentals.
Traders are focused on whether the company can continue funding operations without a sudden shake-up in its capital structure. They’re also watching to see if the shareholder vote clears things up or leaves uncertainty lingering over the stock.
Mark your calendar for the Jan. 29 special meeting, set for 10:00 a.m. ET and accessible via webcast. 6
