The company priced the offering at $21 per share, opting to expand the capital raise beyond its initial $200 million target. FuelCell Energy is retaining all proceeds from the sale—minus underwriting commissions and related expenses—with the transaction expected to close around Thursday.
In section Market Quotes
FuelCell Energy Slides After Upsizing $225 Million Share Offering
Investors pushed FuelCell Energy shares down 13% on Wednesday following news that the company upsized its public offering to $225 million. The stock, which hit $22.60 in recent trading, is recalibrating after a meteoric 328% surge over the past year, as the market digests the influx of 10.7 million new shares.
Management plans to funnel the capital into manufacturing capacity expansion, alongside general corporate needs and working capital requirements. To facilitate the offering, the company has granted underwriters a 30-day window to purchase an additional 1.61 million shares, potentially increasing the total impact of the issuance.
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