Plug Power Announces Adjournment of Special Meeting of Stockholders
SLINGERLANDS, N.Y., Jan. 29, 2026 (GLOBE NEWSWIRE) -- Plug Power Inc. (NASDAQ:PLUG), a global leader in comprehensive hydrogen solutions for the hydrogen economy, today announced that it convened and adjourned its Special Meeting of Stockholders (the "Special Meeting") until Thursday February 5, 2026 at 10:00 a.m. ET.
Proposals 1 and 2 require the affirmative vote of a majority of the Company's outstanding shares. The Special Meeting was adjourned with respect to Proposals 1 and 2 to provide stockholders with additional time to vote and to facilitate broader participation.
As of the date of the Special Meeting, approximately 92.63% and 89.09%, respectively, of the votes cast supported Proposals 1 and 2; however, only approximately 36.93% and 46.86% of the Company's outstanding shares were represented. The Company estimates that it needs an additional 13.07% of the outstanding shares to be voted in favor of Proposal 1 and an additional 3.14% of the outstanding shares to be voted in favor of Proposal 2 to satisfy the applicable voting requirement.
If Proposal 2 is not approved, the Company will proceed with a reverse stock split to increase its authorized shares of common stock available for issuance.
"We will continue our campaign to solicit votes for Proposals 1 and 2," said Andy Marsh, Chief Executive Officer of the Company. "We are very close to approval of Proposal 2 – if a little over half of the shares currently voted against the proposal had instead been voted in favor, the proposal would have passed. We pursued this charter amendment in direct response to stockholder feedback expressing concern about increasing the Company's authorized shares of common stock through a reverse stock split. While the Company currently has the ability to effect a reverse stock split if needed, we believe Proposal 2 represents a more measured and stockholder-responsive path forward, and we encourage stockholders to consider this carefully when casting their votes."
The Company appreciates the strong level of support demonstrated by stockholders who have already voted. While meaningful progress has been made, additional stockholder participation is still needed. Stockholders still have time to vote. Each stockholder's vote is important, regardless of the number of shares held. Stockholders are encouraged to vote "yes", and stockholders who previously voted "no" or "abstain" are encouraged to change their vote to "yes."
The Company urges all eligible stockholders to vote promptly to ensure their views are represented by following the detailed instructions on the Company's website, www.plugpower.com. You may also connect with the Company's proxy solicitor, Sodali & Co, at [email protected] for assistance in voting your shares.
Important Additional Information and Where to Find It
Plug has filed a definitive proxy statement and other relevant documents with the U.S. Securities and Exchange Commission ("SEC") in connection with the Special Meeting. INVESTORS AND SECURITY HOLDERS ARE URGED TO READ THE DEFINITIVE PROXY STATEMENT AND OTHER RELEVANT DOCUMENTS FILED WITH THE SEC CAREFULLY AND IN THEIR ENTIRETY because they contain important information about the matters to be voted on at the Special Meeting. Stockholders may obtain copies of these documents free of charge at the SEC's website at www.sec.gov or on Plug's website at www.plugpower.com.
Participants in the Solicitation
The Company and its directors and executive officers may be deemed to be participants in the solicitation of proxies from the Company's stockholders in connection with the Special Meeting. Information about the Company's directors and executive officers is outlined in the definitive proxy statement for the 2025 Annual Meeting of Stockholders, which was filed with the SEC on June 9, 2025, and information about their ownership of Plug's stock is outlined in the definitive proxy statement for the Special Meeting filed with the SEC on December 12, 2025.
MEDIA CONTACT
Teal Hoyos
[email protected]
