Plug Power's stock plummeted 6.84% during intraday trading on Friday, as investors reacted to news regarding an upcoming shareholder vote.
The decline follows the company's announcement of an investor question-and-answer forum scheduled for February 2, ahead of an adjourned Special Meeting of Stockholders. At the meeting, Proposals 1 and 2 require majority approval. Current vote counts show insufficient support, and if Proposal 2 fails, the company will proceed with a reverse stock split.
This uncertainty and the potential for a reverse split, often viewed negatively by the market, appear to have driven the sell-off.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.
Comments