Proceeds used for project development and general corporate purposes
By Devika Patel
Knoxville, Tenn., Jan. 23 - FuelCell Energy, Inc. said the underwriters for its public sale of stock opted to exercise the deal's $4.13 million greenshoe in full for total proceeds of $31.63 million. The offering was announced Jan. 16 and priced for $27.5 million with the greenshoe on Jan. 17.
The company sold 25.3 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. Of the shares, 3.3 million were part of the fully exercised greenshoe.
Stifel was the sole bookrunner.
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: | $31,625,000 (including $4,125,000 greenshoe)
|
| Shares: | 25.3 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: | $297.8 million
|
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