Summary by Moomoo AI
On April 24, 2024, Plug Power Inc. announced the adoption of its Seventh Amended and Restated Bylaws, effective immediately. The key change in the bylaws is the reduction of the quorum requirement for stockholder meetings from a majority to one-third of the voting power of the outstanding stock entitled to vote. This amendment was made to address the difficulty the company has faced in achieving a quorum at past stockholder meetings, citing instances from 2021 to 2023 where the required quorum was only met shortly before the scheduled meetings. The company believes this change will reduce the risk of not achieving a quorum, avoiding the need to adjourn meetings, which incurs additional costs and disrupts business. No other changes were made to the bylaws, and the company does not expect the amendment to impact its business operations beyond facilitating the holding of stockholder meetings.