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Clean Energy Slides on Share Offering
Clean Energy Fuels Corp. (CLNE - Snapshot Report) announced plans to sell up to 6 million of its common stock, sending shares down 10% in afternoon trade.
The natural gas provider will deploy the proceeds towards working capital and for general corporate purposes.
The company also said that the funds could be used for capital expenditures related to station construction activities, LNG and biomethane plants as well as acquisition of natural gas fueling infrastructure and biomethane production assets.
Clean Energy's proposed offer will dilute its existing 50.2 million shares by about 12%.
The company, which is yet to price the offering, may grant the underwriters the option to buy an additional 900,000 shares.
CLNE, a Zacks #3 Rank ("Hold") stock, is trading on volume of approximately 620,000, which is well above the average daily volume of about 389,000.
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| Market Summary | Nov 21, 2009 19:01 pm ET |
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