• In early February 2026, Plug Power’s special meeting once again failed to secure approval for charter changes, including a proposal to double authorized common shares, while multiple law firms advanced class action lawsuits alleging misleading disclosures around a US$1.66 billion Department of Energy loan guarantee and related hydrogen project plans.

• This combination of rejected governance proposals and legal challenges highlights rising investor concerns about Plug Power’s capital-raising flexibility and credibility around its hydrogen build-out ambitions.

• We’ll now examine how the stalled share authorization and related legal pressures shape Plug Power’s broader investment narrative for investors.

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To own Plug Power today, you need to believe that its hydrogen ecosystem can eventually justify persistent losses, heavy capital needs and a volatile share price, even as confidence is being tested. The stalled vote on doubling authorized shares matters because it directly constrains Plug’s ability to raise fresh equity at a time when cash burn is high and the cash runway is short. Layered on top, the new wave of class action lawsuits around the US$1.66 billion DOE loan and project plans goes straight to the heart of management credibility, a key piece of the bullish thesis. In the near term, that combination turns funding access and legal outcomes into central catalysts, while heightening the risk of dilution, a reverse split or pressured project ambitions.

However, the pressure on Plug’s funding options is something investors should really be across. Despite retreating, Plug Power’s shares might still be trading above their fair value and there could be some more downside. Discover how much.

Twenty one fair value estimates from the Simply Wall St Community span roughly US$1.52 to just over US$6.80 per share, showing how far apart private investors can be. You are weighing those views against very real short term questions about Plug’s ability to secure capital without extensive dilution, and that tension could be central to how its story plays out from here.

Explore 21 other fair value estimates on Plug Power – why the stock might be worth 27% less than the current price!

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