FuelCell Energy Inc (FCEL)

[krays]

Max, as you know, I believe that Hercules and the preferred holders have been driving this down to their benefit. However, I don’t believe that they could control the volume we saw this week singlehandedly. There is terminology in the agreements which limits ownership to 4.99% of outstanding at any given time with provisions to increase that to 9.99% with notice I think. I believe there are at least two holders of the series C/D - Hudson Bay and Tech Opportunities (one and the same I believe)
They may have already had a large short position awaiting the next bi-monthly stipend. I’m not sure but someone was holding this down in a big way.
The Exxon news was way bigger than the pps reaction and the volume was appropriate.
I agree with tradingforit that the Series C are likely exhausted at this time.
I’ll get back to you with my best guess on the licensing agreements.