FuelCell Energy Announces $200 Million Underwritten Public Offering
FuelCell Energy (NASDAQ:FCEL) disclosed an underwritten public offering of common stock valued at $200 million. The announcement triggered a 12.6% decline in the company’s shares during after‑hours trading on Tuesday.
The offering is being made by FuelCell Energy itself, with Citigroup and Barclays appointed as joint book‑running managers. The underwriters have been granted a 30‑day option to purchase up to an additional 15% of the offered shares at the public offering price, subject to the usual underwriting discounts and commissions.
Net proceeds from the offering are earmarked for capital expenditures related to expanding manufacturing capacity, for working capital needs, and for general corporate purposes. The company noted that the offering is contingent upon market conditions and other factors, and it provided no assurance regarding the completion of the transaction or the final terms.
FuelCell Energy designs and supplies fuel‑cell systems that generate electricity at the point of use for data centers, industrial facilities, utilities and distributed‑generation customers, delivering baseload power for mission‑critical applications worldwide.