Plug Power Sets Up a Pivotal Shareholder Vote on Capital Expansion

Key takeaways at a glance:
- Special shareholder meeting: tomorrow (Thursday)
- Earlier scheduled date: February 17
- Eligible voters: shareholders of record as of December 12, 2025
- Core issue: broadening the authorized share capital and tweaks to voting thresholds
- Company note: a rejection of the capital increase would trigger a reverse stock split

More shares or a reverse split

A primary item on the agenda is a proposal to lift the number of authorized common shares significantly, from 1.5 billion to 3.0 billion. Such a move typically creates more room for future capital actions.

In addition, Plug Power intends to modernize its voting standards to align with current Delaware corporate law.

Crucial caution: the company asserts that a negative vote on the authorization increase would pave the way for a reverse stock split. In that scenario, the number of outstanding shares would be reduced on a per-share basis, with the share price adjusting accordingly.

Should investors sell immediately? Or is it worth buying Plug Power?

Background: litigation tied to a DOE loan

The meeting occurs amid legal pressure in the United States. A Securities Class Action has been filed in the federal court for the Northern District of New York, alleging that Plug Power and certain executives misled investors about a DOE loan guarantee totaling $1.66 billion and the feasibility of related hydrogen projects.

The complaint also refers to events at the end of 2025, when Plug Power disclosed that activities under the DOE loan program had been paused to reallocate capital. This development adds a layer of scrutiny to the company?s financial planning and prioritization.

With the virtual special meeting slated for tomorrow, investors will vote on the expansion of the authorized share capital and, alternatively, the potential reverse split.

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