Proceeds used for project development and general corporate purposes
By Devika Patel
Knoxville, Tenn., Jan. 17 - FuelCell Energy, Inc. said it priced its $27.5 million public sale of stock with a $4.13 million greenshoe. The deal was announced Thursday.
The company will sell 22 million common shares at $1.25 apiece. The per-share purchase price is a 23.78% discount to the closing share price of $1.64 on Jan. 16.
Stifel is the sole bookrunner,
Settlement is expected Jan. 23.
Proceeds will be used for project development, project finance, working capital support 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: | $27.5 million
|
| Greenshoe: | $4,125,000
|
| Shares: | 22 million
|
| Price: | $1.25
|
| Warrants: | No
|
| Bookrunner: | Stifel
|
| Co-lead manager: | Cowen and Co.
|
| Co-manager: | FBR Capital Markets & Co.
|
| Announcement date: | Jan. 16
|
| Pricing date: | Jan. 17
|
| Settlement date: | Jan. 23
|
| Stock symbol: | Nasdaq: FCEL
|
| Stock price: | $1.64 at close Jan. 16
|
| Market capitalization: | $291.84 million
|
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