Business
FuelCell Energy Announces Launch of Offering of Common Stock
DANBURY, Conn., Dec. 01, 2020 (GLOBE NEWSWIRE) -- FuelCell Energy, Inc. (Nasdaq: FCEL) (“FuelCell Energy” or the “Company”) today announced the launch of an
About this update from Fuelcell Energy, Inc.
[{"type":"text","content":"DANBURY, Conn., Dec. 01, 2020 (GLOBE NEWSWIRE) -- FuelCell Energy, Inc. (Nasdaq: FCEL) (“FuelCell Energy” or the “Company”) today announced the launch of an underwritten public offering of 34,518,539 shares of its common stock (the “Offering”). Subject to market and other conditions, FuelCell Energy expects to sell 19,822,219 shares of common stock and certain selling stockholders expect to sell an aggregate of 14,696,320 shares of common stock. FuelCell Energy also granted the underwriters a 30-day option to purchase up to an additional 5,177,781 shares of common stock.\n FuelCell Energy intends to use the net proceeds from the Offering to repay all outstanding amounts under its Credit Agreement with Orion Energy Partners Investment Agent, LLC, as Administrative Agent and Collateral Agent and its affiliated lenders. The Company may also use a portion of the net proceeds from the Offering to pay the principal redemption price of and accrued dividends on preferred stock issued by one of the Company’s subsidiaries and to repay other outstanding debt. Any remaining proceeds will be used to accelerate the development and commercialization of the Company’s solid oxide platform and for project development, project financing, working capital support, and general corporate purposes. FuelCell Energy will not receive any proceeds from shares of common stock to be sold by the selling stockholders. J.P. Morgan Securities LLC is acting as sole book-running manager. A shelf registration statement on Form S-3 (including a prospectus) relating to these securities has been filed with the Securities and Exchange Commission and has become effective. The Offering may be made only by means of a prospectus supplement and the accompanying prospectus. Before investing, prospective investors should read the prospectus supplement, accompanying prospectus and documents incorporated by reference therein for more complete information about FuelCell Energy and the Offering. A copy of the preliminary prospectus supplement and accompanying prospectus related to the Offering can be obtained for free by visiting the Securities and Exchange Commission’s website at http://www.sec.gov or by contacting: J.P. Morgan Securities LLC, Attention: Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, telephone: 1-888-603-5847. This press release sha...