Today represents a pivotal moment for Plug Power Inc., as shareholders reconvene for a decisive vote on the company’s capital structure. This adjourned special meeting occurs against the backdrop of a newly filed securities class action, creating a confluence of corporate and legal pressures.
Shareholder Vote Takes Center Stage
The virtual special meeting is scheduled for Thursday at 10:00 a.m. Eastern Time. According to the company, shareholders of record as of December 12, 2025, are eligible to vote.
This gathering is a continuation of a meeting initially held on January 29, which was adjourned due to insufficient turnout. While the proposals themselves received overwhelming support from votes cast, the total number of shares represented fell short of the required thresholds based on all outstanding shares.
The company reported the following tallies from the initial meeting:
* Proposal 1 received “Yes” votes from 92.63% of shares voted, but these represented only 36.93% of total outstanding shares.
* Proposal 2 was supported by 89.09% of votes cast, accounting for 46.86% of outstanding shares.
Plug Power estimates that additional support is still needed to pass the measures: an extra 13.07% of outstanding shares for Proposal 1 and a further 3.14% for Proposal 2.
Capital Flexibility at Stake
Proposal 2 is the primary focus. It seeks to amend the company’s charter to increase the number of authorized shares of common stock from 1.5 billion to 3 billion. Such an increase is typically pursued to provide greater flexibility for future equity offerings.
The company has outlined a contingency plan: should Proposal 2 fail, management intends to implement a reverse stock split as an alternative method to increase the pool of available authorized shares.
Should investors sell immediately? Or is it worth buying Plug Power?
This vote comes as Plug Power’s shares trade at $2.05, having declined 14.23% over the preceding 30 days.
Operational Milestone in Europe
Amid the corporate governance developments, Plug Power announced an operational achievement this week. On Wednesday, the company completed the first hydrogen fill of a 32-kilometer pipeline operated by Hynetwork in the port and industrial area of Rotterdam.
The delivery involved 32 tons of RFNBO-certified renewable “green” hydrogen. Plug Power also supplied specialized unloading infrastructure for the pipeline’s purging and filling procedures. This Rotterdam segment is designed to connect industrial demand centers and is expected to integrate into a broader European hydrogen infrastructure network.
Securities Class Action Adds Pressure
Coinciding with the shareholder meeting, a securities class action was filed against Plug Power. The law firm Bleichmar Fonti & Auld lodged the complaint in the U.S. District Court for the Northern District of New York, citing violations of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934.
The lawsuit alleges that Plug Power materially overstated the likelihood that funding from a DOE loan program would ultimately become available, and that the company would construct the necessary hydrogen production facilities to secure such funds. Investors have until April 3, 2026, to petition the court to serve as the lead plaintiff.
The company now faces two critical deadlines: the outcome of today’s shareholder vote on its preferred capital structure path, and the April 3, 2026 deadline associated with the new class action lawsuit.
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