By Devika Patel
Knoxville, Tenn., June 16 - FuelCell Energy Inc. said it arranged a $24.05 million registered direct offering of stock.
The company will sell 6.7 million common shares at $3.59 apiece.
Settlement is expected June 19.
Canaccord Adams Inc. and Lazard Capital Markets LLC are the agents.
Proceeds will be used for product development, project financing, expansion of manufacturing capacity and general corporate purposes.
FuelCell is based in Danbury, Conn., and produces carbonate fuel cell technology for stationary power generation.
| Issuer: | FuelCell Energy Inc.
|
| Issue: | Common stock
|
| Amount: | $24,053,000
|
| Shares: | 6.7 million
|
| Price: | $3.59
|
| Warrants: | No
|
| Agents: | Canaccord Adams Inc. and Lazard Capital Markets LLC
|
| Pricing date: | June 16
|
| Settlement date: | June 19
|
| Stock symbol: | Nasdaq: FCEL
|
| Stock price: | $4.39 at close June 15
|
| Market capitalization: | $270 million
|
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