Plug Power Seeks Shareholder Approval to Increase Authorized Shares to 3 Billion
Written by Emily J. Thompson, Senior Investment Analyst
Updated: 1d ago
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Source: stocktwits
- Shareholder Voting Plan: Plug Power is seeking shareholder approval to increase its authorized shares from 1.5 billion to 3 billion, having received approximately 84% support when first proposed in July last year, but failed to pass due to the requirement for a majority of all outstanding shares.
- Share Availability Risk: The company stated in November that it has less than 0.4% of its total authorized shares available for future issuance, and without additional authorized shares, it would be unable to meet contractual obligations, impacting operations and growth.
- CEO Interactive Session: CEO Andy Marsh will host a Reddit “Ask Me Anything” session on January 29, focusing on the upcoming Special Meeting of Stockholders, aimed at addressing shareholder questions regarding the share increase proposal and clarifying the board's voting recommendations.
- Positive Market Reaction: Plug Power's shares surged over 10% following the AMA announcement, and the stock has jumped nearly 24% year-to-date, indicating a bullish sentiment in the market regarding the company's future prospects.
Analyst Views on PLUG
Wall Street analysts forecast PLUG stock price to fall over the next 12 months. According to Wall Street analysts, the average 1-year price target for PLUG is 2.46 USD with a low forecast of 0.75 USD and a high forecast of 7.00 USD. However, analyst price targets are subjective and often lag stock prices, so investors should focus on the objective reasons behind analyst rating changes, which better reflect the company's fundamentals.
15 Analyst Rating
4 Buy
8 Hold
3 Sell
Hold
Current: 2.590
Low
0.75
Averages
2.46
High
7.00
Current: 2.590
Low
0.75
Averages
2.46
High
7.00
About PLUG
Plug Power Inc. is engaged in offering end-to-end green hydrogen ecosystem, from production, storage, and delivery to energy generation, to help its customers meet their business goals. The Company develops commercially viable hydrogen and fuel cell product solutions. It provides electrolyzers that allow customers, such as refineries, producers of chemicals, steel, fertilizer and commercial refueling stations, to generate hydrogen on-site. It focuses on industrial mobility applications, including electric forklifts and electric industrial vehicles, at multi-shift high volume manufacturing and high throughput distribution sites and environmental benefits; stationary power systems that supports critical operations, such as data centers, microgrids and generation facilities, in either a backup power or continuous power role and replace batteries, diesel generators or the grid for telecommunication logistics, transportation, and utility customers; and production of hydrogen.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
