Plug Power Urges ‘Yes’ Vote on Authorized Shares, Warns Reverse Split if Proposal 2 Fails

Marsh said the company needs the authorized shares to meet contractual obligations tied to financing transactions, including a warrant sale and a convertible note deal completed in November. He said the warrant transaction brought in $370 million and has terms under which shares would not be issued unless the stock price is above $7.75; he added that, if exercised, the warrants could bring $1.2 billion into the company.Marsh also warned shareholders about the consequences if Proposal 2 does not pass. He sai ...