FuelCell Energy Inc (FCEL)

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Miscommunications or what? Why is this different?

DANBURY, Conn., Sept. 29, 2020 (GLOBE NEWSWIRE) -- FuelCell Energy, Inc. (Nasdaq: FCEL) (“FuelCell Energy” or the “Company”) 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.]]>




The Offering
Issuer
FuelCell Energy, Inc.
Common stock offered by us
31,000,000 shares (or 35,650,000 shares if the underwriters option to purchase additional shares is exercised in full)
Common stock outstanding after
this offering
270,374,041 shares (or 275,024,041 shares if the underwriters option to purchase additional shares is exercised in full)
Use of proceeds
We estimate that the net proceeds from this offering will be approximately $million (or approximately $million if the underwriters option to purchase additional shares is exercised in full), after deducting underwriting discounts and commissions and our expenses.
We intend to use the net proceeds from this offering for project development, project financing, working capital support and general corporate purposes. Additionally, we may also use a portion of the net proceeds of this offering to pay all or a portion of the principal redemption price of the issued and outstanding ClassA Preferred Shares of FCE FuelCell Energy Ltd., together with accrued and unpaid dividends thereon. Finally, we may also use a portion of the net proceeds of this offering to make certain other payments to lenders, including to (i)Orion (as defined below) under the Orion Facility (as defined below), (ii)the Connecticut Green Bank, and/or (iii)Liberty Bank for amounts received under the PPP Note (as defined below) to the extent that the PPP Note is not forgiven. See Use of Proceeds on page S-8 for additional information.
Nasdaq Global Market symbol
FCEL