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Apr 28 - Close
FuelCell Energy Prices $15.4 Million Public Offering of Common Stock and Warrants
DANBURY, Conn., April 28, 2017 (GLOBE NEWSWIRE) -- FuelCell Energy, Inc. (FCEL), a global leader in delivering clean, innovative and affordable fuel cell solutions for the supply, recovery and storage of energy, announced today that it has priced an underwritten public offering of (i) 12,000,000 shares of its common stock, (ii) Series C warrants to purchase 12,000,000 shares of its common stock and (iii) Series D warrants to purchase 12,000,000 shares of its common stock, for gross proceeds of approximately $15.4 million, at a public offering price of $1.28 per share and accompanying warrants. The Series C warrants have an exercise price of $1.60 per share, are immediately exercisable and will expire on the fifth anniversary of the date of issuance. The Series D warrants have an exercise price of $1.28 per share, are immediately exercisable and will expire on the first anniversary of the date of issuance. FuelCell has also granted the underwriters a 30-day option to purchase (i) up to an additional 1,800,000 shares of common stock, (ii) Series C warrants to purchase up to an aggregate of 1,800,000 shares of common stock and (iii) Series D warrants to purchase up to an aggregate of 1,800,000 shares of common stock. If the underwriters’ 30-day option is exercised in full, it would result in additional gross proceeds of approximately $2.3 million.
FuelCell Energy intends to use the net proceeds from this offering for project development, project financing, working capital and general corporate purposes. The offering is expected to close on or about May 3, 2017, subject to the satisfaction of customary closing conditions. Oppenheimer & Co. Inc. is acting as the sole book-running manager for the offering. Craig-Hallum Capital Group LLC is acting as the co-manager for the offering.
A shelf registration statement relating to the above-described securities was previously filed with and declared effective by the U.S. Securities and Exchange Commission. A preliminary prospectus supplement related to the offering was filed with the Securities and Exchange Commission. The securities may be offered only by means of a prospectus, including a prospectus supplement, forming a part of the effective registration statement. When available, copies of the final prospectus supplement together with the base prospectus relating to this offering can be obtained at the Securities and Exchange Commission’s website at
SEC.gov | Home or from Oppenheimer & Co. Inc., Attention: Syndicate Prospectus Department, 85 Broad Street, 26th Floor, New York, New York 10004, by telephone at 212-667-8563, or by e-mail at
EquityProspectus@opco.com.
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