Plug Power Inc. has postponed a key shareholder meeting, bringing the company’s strategy for raising new capital into sharp relief. The hydrogen technology firm is seeking to double its pool of authorized shares, a move essential for future equity fundraising but one that carries significant dilution risk for current investors. Against this financial backdrop, the company is announcing operational progress with high-profile clients, including NASA.
Operational Milestones Amid Financial Planning
While the financing question looms, Plug Power reports tangible advances in its project pipeline. The company has secured a contract to supply liquid hydrogen to NASA, marking its first such agreement with the U.S. space agency. This contract, valued at approximately $2.8 million, covers the delivery of up to 218,000 kilograms of fuel to research facilities in Ohio.
In a separate development underscoring its European expansion, Plug Power has signed a letter of intent with Hy2gen. The agreement involves supplying a 5-megawatt electrolyzer for the “Sunrhyse” project in southern France, representing another component of the company’s growth strategy on the continent.
Deferred Vote on Potential Share Dilution
The centerpiece of the delayed shareholder meeting is a sensitive proposal: to increase the number of authorized common shares from 1.5 billion to 3.0 billion. This doubling is a prerequisite for the company to undertake future equity offerings. The postponement of the extraordinary general meeting, originally scheduled for January 15 to January 29, 2026, suggests management is working to secure sufficient support for the measure. The new record date for shareholder eligibility to vote is December 12, 2025.
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Market Sentiment Reflects Caution
Despite a weekly gain of roughly 9%, with shares closing the week at $2.20, market skepticism remains pronounced. A short interest ratio of 26.8% indicates a substantial number of traders are betting on further weakness or volatility in the stock.
Analyst perspectives are divided. The research firm H.C. Wainwright maintains a price target of $7.00, implying a potential tripling of the current share price. This optimistic outlook is counterbalanced by widespread concerns over the company’s strained liquidity position and the looming threat of shareholder dilution.
The shareholder count on December 12, 2025, will determine who is eligible to participate in the rescheduled vote. The final decision on the capital increase, now set for late January 2026, represents a pivotal moment with long-term implications for Plug Power’s financial trajectory.
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