Plug Power Seeks More Shareholder Support After Vote Falls Short

Plug Power US72919P2020

Plug Power Inc. has adjourned a critical shareholder meeting, pushing the decision on key proposals to February 5, 2026. The hydrogen technology firm did not secure the required quorum for passing resolutions, forcing a delay as management campaigns for greater investor participation.

Amidst its corporate governance challenges, the company announced a significant operational achievement. On January 23, Plug Power completed the installation of 100 megawatts of electrolyzer capacity at the Galp refinery in Sines, Portugal. This project ranks among Europe's largest renewable hydrogen initiatives.

The facility is slated to commence operations in the coming months with the following key specifications:

• Annual Output: Capable of producing up to 15,000 tonnes of green hydrogen per year.
• Fuel Replacement: Expected to displace roughly 20% of the refinery's consumption of grey hydrogen.
• Emissions Impact: Projected to cut greenhouse gas emissions by 110,000 tonnes annually.

Shareholder Vote Delayed Due to Low Turnout

The central issue prompting the adjournment involves two primary management proposals. While attending shareholders approved the measures by a wide margin, the overall voter turnout was insufficient to meet legal thresholds. The proposals included updating voting standards and, more crucially, doubling the company's authorized share count from 1.5 billion to 3.0 billion shares.

Although nearly 90% of votes cast were in favor of the share increase (Proposal 2), these represented only 46.86% of all outstanding shares. Plug Power stated it fell short of the required majority of all outstanding shares by approximately 3.14%. The adjournment aims to solicit votes from additional shareholders before the reconvened meeting on Thursday, February 5, 2026.

Reverse Split Looms as Contingency Plan

Management has outlined an alternative strategy should the share authorization increase fail in the next vote. The company would implement a reverse stock split. This action would reduce the total number of outstanding shares, thereby creating technical room for future equity issuance under the current authorized limit.

Company executives have emphasized that the straightforward share count increase (Proposal 2) is the more shareholder-friendly option. Plug Power's stock is currently trading at $2.38. Despite gains since the start of the year, this price remains well below its 52-week high of $3.51.

Investor focus is now squarely on the February 5 meeting. Failure to mobilize the missing votes will likely shift market discussion toward the potential reverse split. The company's next quarterly results are anticipated on March 2.