FuelCell Energy Announces Closing of $30.7 Million Convertible Preferred Stock Transaction
August 29 2018 - 4:01PM
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 the
completion of an underwritten offering of 30,680 shares of Series D
Convertible Preferred Stock (the “Series D Preferred Stock”) with a
stated value of $1,000 per share. The Series D Preferred
Stock carries a 0.0% dividend and is convertible into common shares
at $1.38 per common share. Each share of Series D Preferred
Stock was sold at a price of $880.0522 for gross proceeds of $27.0
million. FuelCell Energy intends to use the net proceeds from this
offering for working capital, project financing, and general
corporate purposes.
Oppenheimer & Co. Inc. acted 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 (“SEC”). The
securities may be offered only by means of a prospectus, including
a prospectus supplement, forming a part of the effective
registration statement. Copies of the final prospectus
supplement together with the base prospectus relating to this
offering can be obtained at the SEC’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 Energy’s expectations regarding its use of the proceeds
from the 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 Energy
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 Energy undertakes no
obligation to update or revise these statements, whether as a
result of new information, future events or otherwise.
Although FuelCell Energy 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
Energy in general, see the risk disclosures in FuelCell Energy’s
filings with the SEC.
About FuelCell Energy
FuelCell Energy, Inc. (NASDAQ:FCEL) delivers efficient,
affordable and clean solutions for the supply, recovery and storage
of energy. We design, manufacture, undertake project
development of, install, operate and maintain megawatt-scale fuel
cell systems, serving utilities and 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 in designing, manufacturing,
installing, operating and maintaining environmentally
responsible fuel cell 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.
Contact:FuelCell Energy203.205.2491ir@fce.com
Source: FuelCell Energy |
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