Plug Power Seeks Shareholder Backing to Avoid Nasdaq Delisting Amid $6.8B Losses

Plug Power Inc. is in crunch time, urgently seeking shareholder approval for two key proposals: either doubling its authorized shares or pushing through a reverse stock split. Why the rush? Its stock is still trading under $1, and with Nasdaq delisting now a real threat—not to mention $6.8 billion in losses—the company’s ability to stay afloat and move forward is hanging in the balance.

Time’s Running Out to Recall Shares

Here’s the tricky part: roughly 40% of outstanding shares are currently being borrowed, most of them likely in the hands of short sellers. That kind of shareholder landscape adds a new layer of complexity to the vote. Investors only have until June 9 to recall those loaned-out shares and make their voices count. If they don’t, Plug’s options get even narrower.

Pivoting to Europe and State-Level Backing

Meanwhile, CEO Andy Marsh isn’t just waiting on this vote. He’s already adjusting course, signaling a strategic pivot toward European markets and U.S. state-level hydrogen support. The reason? Federal incentives for green hydrogen and hydrogen fuel cells have fallen short of expectations, pushing companies like Plug Power to look elsewhere for the kind of policy backing needed to grow the hydrogen infrastructure and scale up hydrogen production.

What’s at Stake for the Green Hydrogen Space?

The result of this shareholder vote won’t just affect Plug Power—it could send ripples across the entire green hydrogen sector. Investor confidence in fuel cell technology and the broader transition away from fossil fuels hinges on whether companies like Plug Power can navigate moments like this. If the vote fails and capital dries up, it could cast doubts on how soon—and how seriously—the world will shift to a hydrogen-powered future.