A posters reply from Tom Gelston posted on ST
Tom Gelston reply on email:
"I sent about the SP drop and plans for the cash."
The Board of Director and leadership team here at FuelCell Energy certainly recognizes the near-term pressure on the equity price from the announced equity capital raise, and I would never indicate any amount of incurred losses as immaterial. This transaction was undertaking with significant discussion, and overall the decision was to execute on this transaction to remove financing concerns for multiple years, pre-pay a security to Enbridge in the amount of ~$20 million that has an interest rate equivalent of 15%, and to position the Company to show a strong capital position for future project tenders / customers as well as project and tax equity financing partners. From here, we are solely focused on executing on our current backlog, winning new deals, and drive the Company to sustained profitability through execution, and driving the commercialization of our Advanced Technologies business.-Tom
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heard it all before
Good to take out Enbridge. The only problem is they are having delays on projects in backlog despite having millions of dollars, they have no new deals for over a year with Few at the helm except a repeat of contract awards from CT, and have been talking about reaching profitability for years. Something always seems to get in the way.
Lately we have generation with big losses, stacks failing at Tulare, SOFC in Pittsburg a disaster, and after a $70M ATM they drop a offering on the common shareholders after market close when they knew investors would jump on the CT 11.2MW awards news when they were silent for months.
Bear in mind the FCELB at $350 pays interest rate equivalent of 15%
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