Shareholders Block Plug Power’s Bid for New Capital
06.02.2026 - 06:54:04
In a significant setback for its financing strategy, Plug Power Inc. has failed to secure shareholder approval for a crucial capital increase. During an extraordinary general meeting held this Wednesday, two key proposals required to facilitate the move were voted down. The company has adjourned the meeting and is now actively campaigning to gather additional support from its investor base.
The assembly has been rescheduled for Tuesday, February 17, 2026. Plug Power management is using the intervening time to solicit more proxy votes from shareholders. Eligibility to vote is limited to shareholders of record as of December 12, 2025. The company is issuing an urgent appeal for votes to be submitted by February 16.
This appeal comes during a challenging period for the hydrogen fuel cell specialist. Plug Power continues to report operational losses and is concurrently facing multiple securities class-action lawsuits filed in late 2025 and early 2026. On a more positive operational note, the company recently announced the first hydrogen fill of a pipeline in Rotterdam, marking progress within a broader European infrastructure initiative.
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Proposals Fail to Achieve Required Majority
The core of the rejected proposals involved amendments to the company's certificate of incorporation. The most critical measure sought to double the number of authorized common shares from 1.5 billion to 3 billion. Preliminary results indicate this proposal received support from approximately 49.40% of the outstanding shares, falling short of the required majority. A separate proposal to amend future voting rules garnered even less backing, with only about 39.63% in favor.
Company leadership has emphasized that the ability to issue new equity is vital for meeting financial obligations and executing its business plan. Management warns that without access to additional capital through share issuance, the funding for ongoing projects could face serious constraints. As a contingency plan, executives have stated they will pursue a reverse stock split if shareholders reject the proposals again in the forthcoming vote.
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