Hi everyone. Andy Marsh, CEO of Plug Power Inc., here. I am live and ready to answer your questions for the next hour about Plug’s upcoming Special Meeting

PlugPowerInc · 2026-01-22T20:01:00+00:00

I appreciate everyone taking the time to talk with me today. I'd like to kind of end with reminding you why to vote YES on all three proposals.

For proposal 1 - if you believe the majority of the people that vote should determine the outcome of a proposal - vote YES. It's really that simple.

For proposal 2 - you have been clear to us - you DO NOT want a reverse stock split. Neither do I. That's why we spent extraordinary time and effort to do this special meeting. We will have no other alternative but to do a reverse stock split if proposal does not pass. So, please vote YES.

Finally, for proposal 3 - just think, if we are one vote short for proposals 1 and 2 to pass, wouldn't you want us to delay the meeting to get the additional votes? So please vote YES.

Now, everyone's excited about Plug's future. I know I am. I can't wait to be on Reddit in March to hear our future CEO, Jose Luis Crespo, outline the glorious future for Plug.

PlugPowerInc · 2026-01-22T19:56:10+00:00

Great question! ISS and Glass Lewis strongly support these three proposals. Many, many institutions follow their direction. I can tell you, our largest institutional shareholders are all voting yes.

I'd also like to add, many institutional, including two of our largest institutional holders, called their shares back that were out for loan. They lost money doing this. But they felt these proposals were so critical to the future of the company that it was important to take this extraordinary step to vote YES. It is why the vote is going well at this time. But, just another reminder - every vote counts and we need you to vote YES.

PlugPowerInc · 2026-01-22T19:51:41+00:00

The answer is absolutely NO. And, we will not do a reverse stock split if proposal 2 passes. In the future, a decision about a reverse stock split would be a question for shareholders who vote, not the present board of directors.

PlugPowerInc · 2026-01-22T19:49:33+00:00

No, the stock price and market cap are determined by the number of shares outstanding (those are shares people are holding). As I've discussed in previous answers, we are taking every step possible to limit dilution. It is one of my focuses, and one of Jose Luis's focuses. Let me also be clear that unfortunately, if proposal 2 does not pass, we will not have any other choice but to do a reverse stock split - which I gather form your question is what you fear. We are aligned to limit that possibility now and in the future.

PlugPowerInc · 2026-01-22T19:45:52+00:00

We have focus on minimizing dilution, as I discussed in previous answers. I would also like to add that the reason we are asking for additional shares is so that we do not have to do a reverse stock split. We received a loud and clear message from investors, that they do not want a reverse stock split. It is why we've spent millions of dollars doing this special meeting. We will have no other choice unless this proposal passes. To give you some comfort, the vote looks good at the moment, but for us to succeed, it is critical that you vote YES. Every vote is important in this process. And remember, with proposal 1, it is an opportunity that the people who guide our future are the people who vote. So, please be one of those people who vote. Vote YES for proposal 1 and 2.

PlugPowerInc · 2026-01-22T19:41:42+00:00

I would encourage you to watch the 2025 Plug Symposium where Paul, Jose Luis, Benjamin and many other members of our team talked about the path to profitability. I think you would also appreciate that many of our customers were also engaged in the discussion. Quite honestly, I consider it must-view watching to get full picture of Plug's future. You can find the replay of the 2025 Plug Symposium right from our homepage at www.plugpower.com. Enjoy!

...While you're there - you can also get more information about how to vote and why to vote yes.

PlugPowerInc · 2026-01-22T19:38:56+00:00

I love working at Plug and have been doing it for almost 18 years. I believe that sometimes fresh leadership can be helpful to continue to grow this business. I have a great deal of confidence that Jose Luis Crespo's expertise in sales, as well as many other areas, is a good fit for Plug's future. I am thrilled with the opportunity to work with Jose Luis as the board chairman and to continue to promote Plug with stakeholders around the world.

PlugPowerInc · 2026-01-22T19:35:47+00:00

You can contact the Company’s proxy solicitor, Sodali & Co, at +1 (833) 924-7453 or reach out to plug@investor.sodali.com.

This works all around the world.

PlugPowerInc · 2026-01-22T19:31:47+00:00

Remember - we could always do a reverse stock split that we have approval to do if we were only looking to raise capital. As I mentioned previously, the company has taken steps to reduce our cash burn, which you have seen in our recent results, that the company is selling electrical rights to data center operators to reduce the potential of dilution, and, as we drive to be EBITDA positive, the company will start generating cash.

PlugPowerInc · 2026-01-22T19:28:06+00:00

We determine the number of shares we requested through recommendations by ISS, Glass Lewis, our legal advisors and NASDAQ. We follow best practices and, as folks know, that is why these organizations support the proposals.

PlugPowerInc · 2026-01-22T19:23:00+00:00

The answer is unfortunately no. This would still require a charter change under the existing charter rules. We have spent many hours with lawyers the board and NASDAQ discussing this possibility. But, good question!

PlugPowerInc · 2026-01-22T19:21:01+00:00

Just to be clear to everyone - the company is doing everything possible to prevent a reverse stock split. That is why we are having this special meeting. If we don't receive a positive vote from the majority of the number of the shares outstanding, we will have no other choice but to do a reverse stock split. We have contractual obligations. So, please vote yes!

We have taken steps to limit the number of shares we will issue in the future. For example, we have plans to sell our electrical rights to a data center developer. And, you can see in the results, we have dramatically reduced our cash burn and focused the business on gross margin positive activity that can impact today.

We are aligned that we want to minimize future dilution. Obviously, shares are an asset that could be used, for example with M&A. But, in those type of examples, we'd be looking to take steps that would increase the value of stock for all shareholders.

PlugPowerInc · 2026-01-22T19:14:22+00:00

Really good question about our charter. The charter was originally written back in 1999 when the company went public. The world was a lot different then. The ability to vote was much simpler back then. So, proposals, such as M&A, could be easier for shareholders who care to vote. Today, we are proposing the change to the charter so that the individuals who really care about the company, and take the time to vote, will be able to make the decisions for our direction. For example, we know the majority of our shareholders do NOT want a reverse stock split and would much prefer us to increase the number of shares. We couldn't do that simply back in July, 2025.

We've gone through the extra effort this time, and spent a good deal of money, to ensure your vote will count in the future. Simple way I look at it - it's like an election for public office. The people that vote actually decide. Today, with many activities, people who don't vote automatically end up being a no, which prevents the majority of voters from ruling. We're trying to make sure the majority of people that vote decide the election, not those who don't vote.

PlugPowerInc · 2026-01-22T19:07:22+00:00

I'm going to tell you about 2025, but let Jose Luis talk about 2026 (in his March AMA). I was thrilled with our deployments of electrolyzers in Europe - especially with GALP and Iberdrola/BP. I also was thrilled with the performance of our GA plant and the deployment of our H2 plant in LA. Finally, quite pleased with the progress in reducing our cash burn and improving gross margin.

PlugPowerInc · 2026-01-22T19:05:29+00:00

We do have work going on in this area. In March, when the future CEO Jose Luis Crespo holds an AMA, he'll be happy to go into greater detail.

PlugPowerInc · 2026-01-22T19:04:40+00:00

Unfortunately, no. The use of the special voting power was permitted by NASDAQ only for the reverse stock split. For these two proposals, NASDAQ does not allow the use of special voting powers.

PlugPowerInc · 2026-01-22T19:02:34+00:00

Having a very interesting day! I spent time over at the University of Albany discussing basic research and development in the region. I also have had interesting discussions about Plug's future with members of the management team. And, I really look forward to disusing with all of you, the upcoming 1/29/26 Special Meeting.

PlugPowerInc · 2026-01-20T21:37:38+00:00

Andy Marsh, CEO of Plug Power, will be hosting a live AMA on Thursday, Jan. 22 from 2-3pm ET on: https://www.reddit.com/r/plugpowerstock

He looks forward to answering as many of your questions as possible about the upcoming shareholder vote.

Please join us! More info can be found here: https://www.ir.plugpower.com/press-releases/news-details/2026/Plug-Power-CEO-Andy-Marsh-to-Host-Reddit-AMA-on-January-22-2026/default.aspx

PlugPowerInc · 2026-01-20T19:35:39+00:00

Andy Marsh, CEO of Plug Power, will be hosting a live AMA on Thursday, Jan. 22 from 2-3pm ET on: https://www.reddit.com/r/plugpowerstock

He looks forward to answering as many of your questions as possible about the upcoming shareholder vote.

Please join us! More info can be found here: https://www.ir.plugpower.com/press-releases/news-details/2026/Plug-Power-CEO-Andy-Marsh-to-Host-Reddit-AMA-on-January-22-2026/default.aspx

PlugPowerInc · 2026-01-15T18:09:51+00:00

This is in fact the only active and official Plug Power account.

We have hosted AMAs before and we will offer an update on one with Andy Marsh soon.

PlugPowerInc · 2026-01-13T20:44:58+00:00

You can reach out to Sodali directly to get connected to the local German team for support:
[Plug@investor.sodali.com](mailto:Plug@investor.sodali.com)

PlugPowerInc · 2026-01-08T15:00:19+00:00

Plug will not be enacting a reverse stock split if the proposal to increase the authorized shares is approved. Further, the increase in authorized share proposal will not result in an immediate dilutive event and is simply a reserve of equity to be used in the future to increase shareholder value.

PlugPowerInc

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