Green Hydrogen Firm Plug Power Faces Critical Shareholder Vote

• Plug Power seeks shareholder approval to either double its share count or initiate a reverse stock split due to significant financial losses.
• Persistent share price below Nasdaq's $1 threshold prompts critical measures to avoid delisting.

Plug Power Inc., a key player in green hydrogen technology, is urging its shareholders to support two essential proposals at its forthcoming annual meeting. Facing accumulated losses of approximately $6.8 billion as of March 2025, the company aims to either substantially increase its authorized shares or undertake a reverse stock split. These steps are considered crucial for raising the capital required to sustain its business operations.

 

The company’s share price has consistently traded below $1 for over a month, placing Plug Power at risk of delisting from the Nasdaq exchange. Given the predominantly retail shareholder base, securing a majority vote presents a considerable challenge. To address this issue, Plug Power plans to issue a super-voting preferred stock, the Series F Mirroring Preferred Stock, designed to replicate the common shareholders' voting outcome specifically on the reverse stock split proposal.

 

This move is aimed at garnering sufficient shareholder participation and support, crucial for the company's ongoing financial stability and compliance with Nasdaq listing standards.

 

Plug Power Faces Critical Shareholder Vote

Plug Power Faces Critical Shareholder Vote - Fuelcellsworks