FuelCell Energy to sell 24M shares for $30M

FuelCell Energy prices stock sale at $1.25 per share; company to raise $30 million

FuelCell Energy Inc (FCEL.O) said its offering of 24 million shares was priced at $1.25 a share, and expects to use the net proceeds of about $28 million for product development, project financing and expansion of its manufacturing capacity. The offering priced at a discount of about 17 percent to the company's Thursday's close of $1.50 on Nasdaq, sent shares of the manufacturer of fuel-cell power plants down to $1.24 in pre-market trade.

The company, which expects gross proceeds of about $30 million from the offering, said it has granted underwriters a 30-day option to purchase up to an additional 15 percent of shares offered to cover over-allotments, if any.

FuelCell expects an additional gross proceeds of about $4.5 million if the options are fully exercised.

Lazard Capital Markets LLC is acting as the sole book-running manager and Canaccord Genuity Inc is the co-manager for the offering, which is expected to close on June 30, the company said.