NEW YORK, December 29, 2025, 02:30 ET — Market closed
- Plug Power shares last traded at $2.07, down 1.2% from the prior close.
- The company is seeking shareholder approval to double authorized common shares ahead of a Jan. 29 special meeting.
- Traders are watching this week’s Fed minutes and Plug’s next earnings date on Feb. 26.
Plug Power Inc shares last traded at $2.07, down 1.2% from the prior close, with U.S. markets shut ahead of Monday’s open.
The hydrogen fuel-cell maker faces a near-term corporate hurdle that investors see as central to its financing options: a Jan. 29 shareholder vote on charter changes, including a proposal to boost the number of shares it can issue.
The vote lands as markets pivot back to interest-rate expectations into year-end, with minutes of the Federal Reserve’s last meeting due Tuesday.
In a definitive proxy statement, Plug said it has “less than 0.4%” of its authorized common shares available for future issuance — authorized shares are the maximum a company is allowed to issue under its charter. SEC+1
Plug is asking shareholders to increase authorized common stock to 3.0 billion shares from 1.5 billion, and to adjust voting requirements for certain future charter amendments to align with Delaware corporate law.
The company said it needs additional authorized shares to meet contractual obligations to increase authorized shares by Feb. 28, 2026, and to raise capital for operations and growth.
Plug linked that Feb. 28, 2026 obligation to warrants issued in October and $375 million of 6.75% convertible senior notes due 2033 issued in November — convertible notes are debt that can later be exchanged into shares under set terms.
If shareholders do not approve the share increase, the company said it will proceed with a reverse stock split previously authorized — a move that combines shares into fewer shares, typically lifting the per-share price while reducing the share count.
“Without additional authorized shares, the Company will not be able to raise capital necessary for operations and growth,” Chief Executive Officer Andrew J. Marsh wrote in the proxy statement. SEC
The proxy statement set the special meeting for Jan. 29 at 10:00 a.m. Eastern in a virtual-only format, with a Dec. 12 record date determining which holders can vote.
Analyst views remained mixed into the weekend. MarketBeat, citing brokerage coverage, said 18 firms rate the stock “Hold” on average with a 12-month price target of about $2.80. MarketBeat
Plug traded between $2.035 and $2.11 in the last session and remains well below its 52-week high of $4.58, with the stock’s 52-week range at $0.69 to $4.58.
MarketBeat data showed the stock’s 50-day moving average at about $2.36 and the 200-day at about $2.05, leaving shares hovering near a closely watched long-term trend line.
Before the next session, traders will look to Tuesday’s Fed minutes for clues on how policymakers view the path for rates in 2026 — a key input for cash-consuming growth companies that often return to capital markets.
Plug’s next earnings report is expected on Feb. 26, according to Investing.com, with investors likely to focus on liquidity, cash burn and any update tied to the Feb. 28 share-authorization deadline the company flagged in its proxy.
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