Proceeds to be used for growth capital and general corporate purposes
By Devika Patel
Knoxville, Tenn., March 27 - FuelCell Energy, Inc. said it completed a $34.5 million public offering of stock. The offering was announced on March 21 and priced for $30 million with a $4.5 million greenshoe on March 27.
The company sold 23 million common shares at $1.50 per share. The price per share reflects a 14.77% discount to the March 21 closing share price of $1.76. Of the shares, 3 million were part of the fully exercised greenshoe.
Lazard Capital Markets LLC was the bookrunning manager; Stifel Nicolaus Weisel was the co-lead manager and FBR Capital Markets & Co. was the co-manager.
Proceeds will be used for growth capital 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: | $34.5 million (including $4.5 million greenshoe)
|
| Shares: | 23 million
|
| Price: | $1.50
|
| Warrants: | No
|
| Bookrunner: | Lazard Capital Markets LLC
|
| Announcement date: | March 21
|
| Pricing date: | March 22
|
| Settlement date: | March 27
|
| Stock symbol: | Nasdaq: FCEL
|
| Stock price: | $1.76 at close March 19
|
| Market capitalization: | $215.8 million
|
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