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FuelCell Energy Prices Upsized Common Stock Offering; Shares Fall Pre-Bell

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FuelCell Energy (FCEL) has priced its offering of about 10.7 million common shares at $21 per share for gross proceeds of $225 million.

The offering, which was upsized from the initial $200 million, is expected to close around Thursday.

Underwriters have been granted a 30-day option to purchase up to about 1.6 million additional shares.

Net proceeds from the offering will be used to expand manufacturing capacity, working capital and general corporate purposes.

Shares of FuelCell declined more than 16% in recent premarket activity Wednesday.

Price: $21.61, Change: $-4.35, Percent Change: -16.76%

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