FuelCell Energy Announces Reverse Stock Split
May 08 2019 - 12:45PM
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, today announced that a
1-for-12 reverse stock split will become effective at 5:00 p.m.,
Eastern time, today and that trading of the Company’s common stock
on a post-split basis will begin on May 9, 2019.
Today, the Company filed a Certificate of Amendment of the
Certificate of Incorporation of the Company with the Secretary of
State of the State of Delaware to effect a reverse stock split of
its common stock at a ratio of 1-for-12. Trading of the
Company’s common stock on the Nasdaq Global Market will continue
under the symbol “FCEL.” The new CUSIP number for the
Company’s common stock following the reverse stock split will be
35952H 601.
No fractional shares will be issued as a result of the reverse
stock split. A holder of record of common stock on the
effective date of the reverse stock split who would otherwise be
entitled to a fraction of a share will instead be entitled to
receive a cash payment for the fractional interest.
The Company’s transfer agent, American Stock Transfer &
Trust Company, will act as exchange agent for the reverse stock
split.
- Stockholders owning shares via a broker or other nominee will
have their positions automatically adjusted to reflect the reverse
stock split, subject to brokers’ particular processes, and will not
be required to take any action in connection with the reverse stock
split.
- Registered stockholders holding pre-split shares of the
Company’s common stock electronically in book-entry form are not
required to take any action to receive post-split
shares.
- Stockholders of record holding certificates representing
pre-split shares of the Company’s common stock as of the effective
time will receive a letter of transmittal from American Stock
Transfer & Trust Company providing instructions regarding (i)
the exchange of shares and (ii) how to receive their cash payment
in lieu of fractional shares, if applicable.
The reverse stock split will not change the total number of
shares of common stock or preferred stock authorized for issuance
by the Company. Additionally, the par value of the Company’s common
stock will remain at $0.0001 per share.
The stockholders of the Company approved the reverse stock split
at the 2019 Annual Meeting of Stockholders on April 4, 2019, and
the Board of Directors of the Company subsequently approved the
implementation of the reverse stock split at the ratio of
1-for-12.
Additional information regarding the reverse stock split is
available in the definitive proxy statement filed by the Company
with the U.S. Securities and Exchange Commission (“SEC”) on
February 19, 2019. The definitive proxy statement is
available at the Investors page of the Company website at
www.fuelcellenergy.com and the SEC website.
About FuelCell Energy
FuelCell Energy, Inc. (NASDAQ: FCEL)
delivers state-of-the-art fuel cell power plants that provide
environmentally responsible solutions for various applications such
as utility-scale and on-site power generation, carbon capture,
local hydrogen production for both transportation and industry, and
long duration energy storage. Our systems cater to the
needs of customers across several industries, including utility
companies, municipalities, universities, government entities and a
variety of industrial and commercial enterprises. With
our megawatt-scale SureSource™ installations on three continents
and with more than 8.0 million megawatt hours of ultra-clean power
produced, FuelCell Energy is a global leader in designing,
manufacturing, installing, operating and maintaining
environmentally responsible fuel cell distributed 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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