FuelCell Energy Prices Public Offering Of 22.00 Mln Shares At $1.25 Per Share

(RTTNews) - FuelCell Energy Inc. (FCEL) announced that it has priced an underwritten public offering of 22.00 million shares of its common stock at a price to the public of $1.25 per share for gross proceeds of approximately $27.5 million.

The net proceeds from the sale of the shares, after deducting the underwriters' discounts and other estimated offering expenses payable by the Company, will be about $26.0 million.

The company said it has also granted the underwriters a 30-day option to purchase up to an additional 3.30 million shares of common stock offered in the public offering to cover over-allotments, if any, which would result in additional gross proceeds of approximately $4.1 million if exercised in full.

The company plans to use the net proceeds from this offering for project development, project finance, working capital support and general corporate purposes.

The offering is expected to close on or about January 23, 2014, subject to the satisfaction of customary closing conditions.