Overview
- A special meeting on Jan. 29 will ask investors to lift authorized shares from 1.5 billion to 3.0 billion to enable new equity fundraising.
- CEO Andy Marsh held a Reddit AMA that preceded a 16.7% jump to a $2.59 close on unusually heavy volume of about 183 million shares.
- Plug Power said it reached an agreement with Walmart to cancel a 2017 stock warrant, removing one potential source of future dilution.
- If the share increase is rejected, the company says it will pursue a reverse stock split, and it is proposing a charter change to align voting standards with Delaware law.
- Recent quarterly results showed $177 million in revenue and a $361 million net loss, and TD Cowen cut its rating and price target citing execution and free-cash-flow concerns.