Plug Power Announces Results of Annual Meeting, Voting Paves the way for Reverse Stock Split

02 Jul 2013

Plug Power

Plug Power Inc. (Nasdaq:PLUG) (the "Company") today announced the results of its 2013 Annual Meeting of Stockholders (the "Annual Meeting"), which was originally convened on June 28, 2013 and adjourned until July 1, 2013. Based on the voting results from the Annual Meeting, stockholders re-elected incumbent directors George C. McNamee and Johannes M. Roth, approved an Amendment to the Company's Amended and Restated Certificate of Incorporation to allow, but not require, the Board of Directors of the Company to effect a reverse stock split of the Company's Common Stock at a ratio within a range of 1:10 to 1:25 should they determine that a reverse stock split be in the best interest of the Company and the stockholders, and ratified the selection of KPMG LLP as the Company's independent auditors for 2013. Plug Power will report the specific voting results on a Current Report on Form 8-K.


Source: Plug Power

Industry Directory: Plug Power


Fuel Cell Today notes that if the company proceeds with a reverse stock split, this would be its second in as many years, having previously executed a 1:10 reverse stock split in May 2011. Investopedia explains reverse stock splits as follows: "a 1-for-2 reverse split means you get half as many shares, but at twice the price. It's usually a bad sign if a company is forced to reverse split - firms do it to make their stock look more valuable when, in fact, nothing has changed. A company may also do a reverse split to avoid being delisted."


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