FuelCell Energy Stock Drops 12%

(RTTNews) - FuelCell Energy, Inc. (FCEL) shares fell 11.69 percent to $22.92, down $3.03 on Wednesday from the previous close of $25.96, possibly after the company priced an upsized underwritten public offering of 10.71 million common shares at $21.00 per share yesterday.

The stock opened at $21.18 and traded between $20.60 and $23.34 during the session on the Nasdaq. Trading volume reached 10.14 million shares, compared with an average daily volume of 11.28 million shares.

The offering, increased from the initially announced $200 million, is expected to raise gross proceeds of approximately $225 million before underwriting discounts and expenses. FuelCell Energy also granted the underwriters a 30-day option to purchase up to an additional 1.61 million shares. The proceeds will be used for capital expenditures to expand manufacturing capacity, as well as for working capital and general corporate purposes.

FuelCell Energy shares have traded between $3.78 and $37.88 over the past 52 weeks.