FuelCell Energy (FCEL) Prices 43.5M Share Common Offering at $2.10/Sh

FuelCell Energy, Inc. (NASDAQ: FCEL) today announced the pricing of its underwritten public offering of 43,500,000 shares of its common stock (the “Offering”), at a public offering price of $2.10 per share, for gross proceeds of approximately $91,350,000. The Offering is expected to close on or about October 2, 2020, subject to customary closing conditions. FuelCell Energy has also granted the underwriters a 30-day option to purchase up to 6,525,000 additional shares of its common stock.

FuelCell Energy intends to use the net proceeds from the Offering for project development, project financing, working capital support, and general corporate purposes. FuelCell Energy 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.

J.P. Morgan Securities LLC, Barclays Capital Inc., and Canaccord Genuity LLC are acting as joint book-running managers.

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