FuelCell Energy (FCEL) this morning announced the offering of 24 million common shares at $1.25 apiece, raising gross proceeds of $30 million, or about $28 million after expenses. The offering comes at 16.7% discount to yesterday’s close at $1.50; the stock closed at $1.72 as recently as Monday, and on June 3 had closed at $2.62. Ouch.
The fuel cell company intends to use proceeds for product development, project financing, expansion of manufacturing capacity, and general corporate purposes.
FCEL is down 27 cents, or 18%, to $1.23.
No comments:
Post a Comment