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FuelCell (FCEL) Issues Equity to Repay Debt, Fund Projects
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FuelCell Energy, Inc. (FCEL - Free Report) announced the pricing of its underwritten public offering of nearly 34.5 shares of its common stock, at a public offering price of $6.50 per share. The offering is expected to close on or about Dec 3, 2020, subject to customary closing conditions. The underwriters were granted a 30-day option to purchase up to 5.17 million additional shares of its common stock.
The offering consists of 19.8 million shares being sold by the company and around 14. 7 million shares being sold by certain selling stockholders, resulting in aggregate gross proceeds of $128.8 million to FuelCell and $95.5 million to the selling stockholders. However, the company will not receive any proceeds from the sale of its common stock by the selling stockholders.
Usage of Proceeds
FuelCell intends to utilize the proceeds to repay all outstanding amounts under its credit agreement with Orion Energy Partners. It may also use a portion of the net proceeds to pay the principal redemption price of and accrued dividends on preferred stock issued by one of the company’s subsidiaries and to repay other outstanding debt. Any remaining proceeds will be utilized to accelerate the development and commercialization of its solid oxide platform, and for project development as well as financing.
FuelCell Continues to Raise Funds Via Equity
This current equity issue follows the equity offering of FuelCell made between June and October 2020 to raise $177.35 million. The company intends to utilize the proceeds to fund business operations, including project development and expansion of presence in South Korea. It has plans to tap other Asian markets and offer high-quality products.
Fuel Cell Technology
A gradual transition in the global energy space in quite evident, with utility operators shifting toward clean energy sources to produce electricity. FuelCell — one of the global leaders in the fuel cell technology space — also aims to utilize its proprietary, state-of-the-art fuel cell platforms to generate electricity using clean resources.
In addition to FuelCell, companies like Ballard Power Systems (BLDP - Free Report) , Plug Power, Inc. (PLUG - Free Report) and Bloom Energy Corporation (BE - Free Report) are also using fuel cell technology to supply clean energy.
In the past three months, shares of FuelCell have gained 272.5% compared with the industry’s 9.9% growth.
Zacks Names “Single Best Pick to Double”
From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all.
You know this company from its past glory days, but few would expect that it’s poised for a monster turnaround. Fresh from a successful repositioning and flush with A-list celeb endorsements, it could rival or surpass other recent Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in a little more than 9 months and Nvidia which boomed +175.9% in one year.
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FuelCell (FCEL) Issues Equity to Repay Debt, Fund Projects
FuelCell Energy, Inc. (FCEL - Free Report) announced the pricing of its underwritten public offering of nearly 34.5 shares of its common stock, at a public offering price of $6.50 per share. The offering is expected to close on or about Dec 3, 2020, subject to customary closing conditions. The underwriters were granted a 30-day option to purchase up to 5.17 million additional shares of its common stock.
The offering consists of 19.8 million shares being sold by the company and around 14. 7 million shares being sold by certain selling stockholders, resulting in aggregate gross proceeds of $128.8 million to FuelCell and $95.5 million to the selling stockholders. However, the company will not receive any proceeds from the sale of its common stock by the selling stockholders.
Usage of Proceeds
FuelCell intends to utilize the proceeds to repay all outstanding amounts under its credit agreement with Orion Energy Partners. It may also use a portion of the net proceeds to pay the principal redemption price of and accrued dividends on preferred stock issued by one of the company’s subsidiaries and to repay other outstanding debt. Any remaining proceeds will be utilized to accelerate the development and commercialization of its solid oxide platform, and for project development as well as financing.
FuelCell Continues to Raise Funds Via Equity
This current equity issue follows the equity offering of FuelCell made between June and October 2020 to raise $177.35 million. The company intends to utilize the proceeds to fund business operations, including project development and expansion of presence in South Korea. It has plans to tap other Asian markets and offer high-quality products.
Fuel Cell Technology
A gradual transition in the global energy space in quite evident, with utility operators shifting toward clean energy sources to produce electricity. FuelCell — one of the global leaders in the fuel cell technology space — also aims to utilize its proprietary, state-of-the-art fuel cell platforms to generate electricity using clean resources.
In addition to FuelCell, companies like Ballard Power Systems (BLDP - Free Report) , Plug Power, Inc. (PLUG - Free Report) and Bloom Energy Corporation (BE - Free Report) are also using fuel cell technology to supply clean energy.
Zacks Rank & Price Performance
FuelCell currently has a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
In the past three months, shares of FuelCell have gained 272.5% compared with the industry’s 9.9% growth.
Zacks Names “Single Best Pick to Double”
From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all.
You know this company from its past glory days, but few would expect that it’s poised for a monster turnaround. Fresh from a successful repositioning and flush with A-list celeb endorsements, it could rival or surpass other recent Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in a little more than 9 months and Nvidia which boomed +175.9% in one year.
Free: See Our Top Stock and 4 Runners Up >>