FuelCell Energy Announces Pricing of $33.5 Million Convertible Preferred Stock Transaction
September 05 2017 - 8:35AM
FuelCell Energy, Inc. (Nasdaq:FCEL), a global leader in
delivering clean, innovative and affordable fuel cell solutions for
the supply, recovery and storage of energy, announced today that it
has priced an underwritten offering of 33,500 shares of convertible
preferred stock (the “Preferred”) with a stated value of $1,000 per
share. The Preferred carries a 0.0% dividend and is
convertible into common shares at $1.84 per common share.
Each share of Preferred is being sold at a price of $895.52
for gross proceeds of $30.0 million.
“This financing further strengthens our balance sheet,
supporting utility scale projects such as the recently announced 20
megawatt utility project in South Korea and the 40 megawatt utility
award for Long Island, New York,” said Chip Bottone, President and
Chief Executive Officer, FuelCell Energy.
FuelCell Energy intends to use the net proceeds from this
offering for working capital, project financing, and general
corporate purposes. The offering is expected to close on or
about September 8, 2017, subject to the satisfaction of customary
closing conditions.
Oppenheimer & Co. Inc. is acting as the sole underwriter for
the offering.
A shelf registration statement relating to the above-described
securities was previously filed with and declared effective by the
U.S. Securities and Exchange Commission. The
securities may be offered only by means of a prospectus, including
a prospectus supplement, forming a part of the effective
registration statement. When available, copies of the final
prospectus supplement together with the base prospectus relating to
this offering can be obtained at the Securities and Exchange
Commission’s website at http://www.sec.gov or from Oppenheimer
& Co. Inc., Attention: Syndicate Prospectus Department, 85
Broad Street, 26th Floor, New York, New York 10004, by telephone at
212-667-8563, or by e-mail at EquityProspectus@opco.com.
This press release does not constitute an offer to sell or the
solicitation of offers to buy any securities of FuelCell Energy,
and shall not constitute an offer, solicitation or sale of any
security in any state or jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any such state or
jurisdiction.
Cautionary Language
This news release contains forward-looking statements within the
meaning of the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995, including, without limitation,
FuelCell’s expectations regarding completion of the Convertible
Preferred stock offering, its use of the proceeds from the proposed
offering and other statements that are not purely statements of
historical fact. These forward-looking statements are made on
the basis of the current beliefs, expectations and assumptions of
the management of FuelCell and are subject to significant risks and
uncertainty. Investors are cautioned not to place undue reliance on
any such forward-looking statements. All such forward-looking
statements speak only as of the date they are made, and FuelCell
undertakes no obligation to update or revise these statements,
whether as a result of new information, future events or otherwise.
Although FuelCell believes that the expectations reflected in
these forward-looking statements are reasonable, these statements
involve many risks and uncertainties that may cause actual results
to differ materially from what may be expressed or implied in these
forward-looking statements. For a further discussion of risks
and uncertainties that could cause actual results to differ from
those expressed in these forward-looking statements, as well as
risks relating to the business of FuelCell in general, see the risk
disclosures in FuelCell’s filings with the Securities and Exchange
Commission.
About FuelCell EnergyFuelCell Energy
(NASDAQ:FCEL) delivers efficient, affordable and clean solutions
for the supply, recovery and storage of energy. We design,
manufacture, undertake project development, install, operate and
maintain megawatt-scale fuel cell systems, serving utilities,
industrial and large municipal power users with solutions that
include both utility-scale and on-site power generation, carbon
capture, local hydrogen production for transportation and industry,
and long duration energy storage. With SureSource™
installations on three continents and millions of megawatt hours of
ultra-clean power produced, FuelCell Energy is a global leader with
environmentally responsible power solutions. Visit us online
at www.fuelcellenergy.com and follow us on Twitter
@FuelCell_Energy.
SureSource, SureSource 1500, SureSource 3000, SureSource 4000,
SureSource Recovery, SureSource Capture, SureSource Hydrogen,
SureSource Storage, SureSource Service, SureSource Capital,
FuelCell Energy, and FuelCell Energy logo are all trademarks of
FuelCell Energy, Inc.
Source: FuelCell Energy
Contact:
FuelCell Energy, Inc.
Kurt Goddard, Vice President Investor Relations
203-830-7494
ir@fce.com
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