FuelCell Energy Prices $27.5 Million Public Offering of Common Stock
DANBURY, Conn., Jan. 17, 2014 (GLOBE NEWSWIRE) -- FuelCell Energy, Inc.
(Nasdaq:FCEL), a global leader in the design, manufacture, operation and
service of ultra-clean, efficient and reliable fuel cell power plants, today
announced that it has priced an underwritten public offering of 22,000,000
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 approximately $26.0 million.
FuelCell has also granted the underwriters a 30-day option to purchase up to
an additional 3,300,000 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.
FuelCell Energy intends 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. Stifel is acting
as the sole book-running manager for the offering. Cowen and Company is acting
as the co-lead manager, and FBR Capital Markets & Co. is acting as co-manager
for the offering. Ardour Capital Investments, LLC is acting as selling group
member for the offering.
A shelf registration statement relating to the above-described securities was
previously filed with and declared effective by the Securities and Exchange
Commission. A preliminary prospectus supplement related to the offering was
filed with the 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 http://www.sec.gov or from Stifel at One Montgomery Street, Suite
3700, San Francisco, CA 94104, or via telephone at (415) 364-2720.
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.
About FuelCell Energy
Direct FuelCell® power plants are generating ultra-clean, efficient and
reliable power at more than 50 locations worldwide. With more than 300
megawatts of power generation capacity installed or in backlog, FuelCell
Energy is a global leader in providing ultra-clean baseload distributed
generation to utilities, industrial operations, universities, municipal water
treatment facilities, government installations and other customers around the
world. The Company's power plants have generated more than two billion
kilowatt hours of ultra-clean power using a variety of fuels including
renewable biogas from wastewater treatment and food processing, as well as
clean natural gas.
Direct FuelCell, DFC, DFC/T, DFC-H2 and FuelCell Energy, Inc. are all
registered trademarks of FuelCell Energy, Inc. DFC-ERG is a registered
trademark jointly owned by Enbridge, Inc. and FuelCell Energy, Inc.
CONTACT: FuelCell Energy, Inc.
Kurt Goddard, Vice President Investor Relations
FuelCell Energy Logo
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