02:07 PM EST, 11/21/2025 (MT Newswires) -- Plug Power ( PLUG ) is asking shareholders to approve an increase in its authorized common stock to 3 billion shares from 1.5 billion.

The company filed a preliminary proxy statement and plans to hold a special virtual shareholders' meeting on Jan. 12.

"The proposed increase, made in consultation with Institutional Shareholder Services, was based on a sizing analysis that considered projected capital requirements, upcoming contractual commitments, equity programs, and potential strategic transactions, ensuring flexibility without excess," Plug said Friday in a statement.

The record date for the special meeting is Dec. 4. Plug cited "significant short interest" in its shares and said that "stockholders whose shares have been lent out should instruct their bank, broker or nominee to recall their shares as soon as possible."

Plug said it currently has less than 0.4% of its authorized shares available for future issuance.

Shareholders will also vote on amending Plug's charter to adopt recent Delaware law changes, lowering the voting threshold for future share authorizations and aligning governance standards with other Delaware companies.

The company's shares rose 3.4% in recent Friday trading.

Price: 1.96, Change: +0.07, Percent Change: +3.44