By Abigail W. Adams
Portland, Me., Aug. 27 – FuelCell Energy, Inc. priced $30.68 million, or 30,680 shares, of par of $1,000 series D convertible preferred stock prior to the market open on Monday at an initial public offering price of $880.0522, according to a 424B5 filling with the Securities and Exchange Commission.
Proceeds from the sale are $27 million.
The preferred stock carries a coupon of 0% an initial conversion premium of 20%.
Oppenheimer & Co. Inc. is underwriter for the registered offering. The series D preferred shares will mature on March 1, 2020, which is subject to extension in specified circumstances.
The company will redeem the series D convertible preferred stock in 31 monthly installments of $989,677 beginning on Dec. 1, 2018 and on the first and 16th day of each month thereafter.
Holders may require the company to redeem the preferred stock upon a triggering event or change of control.
Net proceeds are expected to be $25,717,500. Proceeds will be used for working capital, project financing and general corporate purposes.
FuelCell is a Danbury, Conn.-based fuel cell solutions company focused on the supply, recovery and storage of energy.
| Issuer: | FuelCell Energy, Inc.
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| Securities: | Series D Convertible preferred stock
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| Amount: | $30.68 million, or 30,680 shares
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| Maturity: | March 1, 2020, payable in 31 monthly installments beginning on Dec. 1, 2018
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| Bookrunners: | Oppenheimer & Co. Inc.
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| Coupon: | 0%
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| Price: | $880.0522
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| Par | $1,000
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| Conversion premium: | 20%
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| Conversion price: | $1.38
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| Call options: | Non-callable
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| Put options: | Upon a fundamental change
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| Pricing date: | Aug. 27
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| Settlement date: | Aug. 29
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| Stock symbol: | Nasdaq: FCEL
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| Stock price: | $1.15 at market close Aug. 24
|
| Market capitalization: | $97.14 million
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