In a decisive move to bolster its financial position, Plug Power Inc. has received overwhelming shareholder approval to significantly expand its share authorization. The vote provides the hydrogen technology company with enhanced capacity to raise capital and avoids the immediate need for a reverse stock split.
A Second Attempt Succeeds
During a special meeting held on February 12, 2026, approximately 90 percent of votes cast were in favor of a proposal to double the company’s authorized common stock. The measure increases the ceiling from about 1.5 billion to 3 billion shares. Only 8.6 percent of votes opposed the move, with 0.8 percent abstaining.
This successful outcome follows a previous failure. A similar proposal was presented at the annual meeting in the summer but did not pass, despite also receiving around 90 percent support from voting shareholders. That earlier attempt fell short because it failed to meet a required threshold of participation from over 50 percent of all outstanding shares.
Key Data Points:
* Vote Outcome: ~90% approval for share increase
* New Authorization Limit: 3 billion common shares
* Current Shares Outstanding: 1,146,559,359
* Shares Already Committed: 346,317,670
* Recent Closing Price: $1.89
* 52-Week High: $4.58
Navigating Complex Shareholder Logistics
The path to approval was not straightforward due to the composition of Plug Power’s investor base. Nearly one-third of the company’s shares are held in international accounts, and roughly 40 percent are currently on loan. This structure complicated the proxy voting process.
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For the late-January ballot that led to the meeting, 652,862,960 shares were registered in favor of the increase, with 73,653,746 against. Approximately 6.2 million shares did not cast a vote.
Purpose of the Expanded Share Pool
The newly authorized shares provide the company with flexibility for several corporate purposes. These include potential future equity offerings, the conversion of outstanding convertible notes, employee compensation plans, and strategic transactions. According to company filings, 99.5 percent of the previous share authorization had already been allocated to cover existing obligations, including outstanding shares, options, warrants, and convertible securities.
A separate proposal to modernize voting standards did not gain approval. Consequently, certain future amendments to the corporate charter will continue to require the support of more than half of all outstanding shares, not just a majority of votes cast at a meeting.
Leadership Transition Coincides with Vote
The shareholder decision comes during a period of executive change. In March, long-time CEO Andy Marsh will hand over the chief executive role to Jose Luis Crespo, the company’s current Chief Revenue Officer. The Latham, New York-based firm continues to work toward achieving profitability.
Plug Power’s stock, which last closed at $1.89, trades well below its 52-week peak of $4.58. The expanded share authorization equips the management team with a broader set of financing options as it executes its strategic plans.
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