Plug Power is buying time and rallying its shareholder base. The hydrogen-focused company has postponed its extraordinary general meeting and designated Friday as the critical deadline. The revised timetable appears to extend beyond administrative rituals: management seems intent on targeting lent shares and short sellers to lock in essential votes.
Battle for Voting Rights
The board moved the extraordinary shareholders’ meeting from the originally scheduled January 15 to January 29, 2026. Crucially for investors is the so-called record date: only holders who own shares in their brokerage accounts at the close of business on Friday, December 12, 2025, are eligible to vote.
The rationale behind the postponement is notable. The company says the shift gives shareholders more time to reclaim borrowed shares from their brokers. This underscores a high short-interest position in Plug Power. When shares are lent out—often to short sellers betting on a decline—the voting rights sit with the actual owner only upon recall. By encouraging the return of lent shares, management aims to maximize participation in the vote. Observers interpret this as a sign that key resolutions—potentially addressing capital structure or the creation of new shares—could be on the ballot, with every vote carrying weight.
NASA Contract and a France LOI
Beyond the financial maneuvering, Plug Power highlighted operational progress this week to support investor confidence in its technology. The company secured a contract to supply liquid hydrogen to NASA. While the contract value is around $2.8 million and thus modest relative to Plug Power’s market capitalization, it serves as an important technical validation.
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In addition, Plug Power signed a letter of intent with Hy2gen for a project in France. Together, these developments are intended to show that the company’s core operations continue to advance despite financial pressures and significant cash burn.
Share Price Under Pressure
investor sentiment remains fragile as the stock moves on the back of news flow. Following the November announcement of a convertible bond, the shares declined about 13% for the month to date. Since the start of the year, the decline exceeds 16%. The stock trades well below its 52-week high, highlighting a sizable gap, and volatility runs at roughly 75%, reflecting nervous market reactions to every new update.
Investors are faced with a short window to decide how they want to influence the January 29 vote. Those who want a say in the upcoming decisions must ensure their holdings are correctly recorded by tomorrow evening.
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