(RTTNews) – FuelCell Energy Inc. (FCEL), a fuel cell technology company, on Tuesday priced its upsized underwritten public offering of 10.71 million shares at $21 per share.
The offering is expected to close on July 9.
The offering is expected to raise gross proceeds of about $225 million, before underwriting discounts, commissions and offering expenses.
The offering was upsized from the previously announced $200 million offering.
The company granted the underwriters a 30-day option to purchase up to an additional 1.61 million shares at the public offering price.
The company intends to use the net proceeds for capital expenditures related to expanding manufacturing capacity, as well as for working capital and general corporate purposes.
FuelCell Energy closed trading 12.68% lesser at $25.96 on the Nasdaq. In the overnight, the stock is trading 12.48% lesser at $22.72.
