WASHINGTON (dpa-AFX) - Manufacturer of fuel cell power plants FuelCell Energy Inc (FCEL) Thursday announced that it has priced an underwritten public offering of 20 million shares of its common stock at $1.50 per share.
The company intends to raise net proceeds from the offering, excluding underwriters' discounts and other expenses, of $28 million.
FuelCell Energy further stated that it has granted the underwriters a 30-day option to purchase up to an additional 3 million shares of common stock offered in the public offering to cover over-allotments, if any.
The company stated that the public offering is expected to close on or before March 27, 2012. The company further added that it intends to use the net proceeds from this offering for growth capital and general corporate purposes.
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