FuelCell – FuelCell Vitality Pronounces Launch of Providing of Widespread Stock Nasdaq:FCEL
DANBURY, Conn., Dec. 01, 2020 (GLOBE NEWSWIRE) — FuelCell Vitality, Inc. (Nasdaq: FCEL) (“FuelCell Energy” or the “Company”) in the present day introduced the launch of an underwritten public providing of 34,518,539 shares of its widespread stock (the “Offering”). Topic to market and different situations, FuelCell Vitality expects to promote 19,822,219 shares of widespread stock and sure promoting stockholders count on to promote an mixture of 14,696,320 shares of widespread stock. FuelCell Vitality additionally granted the underwriters a 30-day choice to buy as much as a further 5,177,781 shares of widespread stock.
FuelCell Vitality intends to make use of the web proceeds from the Providing to repay all excellent quantities underneath its Credit score Settlement with Orion Vitality Companions Funding Agent, LLC, as Administrative Agent and Collateral Agent and its affiliated lenders. The Firm may additionally use a portion of the web proceeds from the Providing to pay the principal redemption price of and accrued dividends on most well-liked stock issued by one of many Firm’s subsidiaries and to repay different excellent debt. Any remaining proceeds can be used to speed up the event and commercialization of the Firm’s strong oxide platform and for challenge growth, challenge financing, working capital assist, and common company functions. FuelCell Vitality won’t obtain any proceeds from shares of widespread stock to be offered by the promoting stockholders.
J.P. Morgan Securities LLC is performing as sole book-running supervisor.
A shelf registration assertion on Kind S-3 (together with a prospectus) relating to those securities has been filed with the Securities and Change Fee and has grow to be efficient. The Providing may be made solely by the use of a prospectus complement and the accompanying prospectus. Earlier than investing, potential buyers ought to learn the prospectus complement, accompanying prospectus and paperwork included by reference therein for extra full details about FuelCell Vitality and the Providing. A duplicate of the preliminary prospectus complement and accompanying prospectus associated to the Providing could be obtained at no cost by visiting the Securities and Change Fee’s web site at http://www.sec.gov or by contacting: J.P. Morgan Securities LLC, Consideration: Broadridge Monetary Options, 1155 Lengthy Island Avenue, Edgewood, NY 11717, phone: 1-888-603-5847.
This press launch shall not represent a suggestion to promote or the solicitation of a suggestion to purchase these securities, nor shall there be any supply, solicitation or sale of those securities in any state or jurisdiction wherein such supply, solicitation or sale could be illegal previous to registration or qualification underneath the securities legal guidelines of any such state or jurisdiction.
About FuelCell Vitality
FuelCell Vitality, Inc. (NASDAQ: FCEL) FuelCell Vitality is a worldwide chief in sustainable clear vitality applied sciences that deal with among the world’s most crucial challenges round vitality, security and international urbanization. As a number one international producer of proprietary gasoline cell expertise platforms, FuelCell Vitality is uniquely positioned to serve prospects worldwide with sustainable merchandise and options for companies, utilities, governments and municipalities. Our options are designed to allow a world empowered by clear vitality, enhancing the standard of life for individuals across the globe. We goal large-scale energy customers with our megawatt-class installations globally, and at the moment supply sub-megawatt options for smaller energy shoppers in Europe. To offer a body of reference, one megawatt is satisfactory to repeatedly energy roughly 1,000 common sized U.S. houses. We develop turn-key distributed energy technology options and function and supply complete service for the lifetime of the ability plant. Our gasoline cell answer is a clear, environment friendly different to conventional combustion-based energy technology, and is complementary to an vitality combine consisting of intermittent sources of vitality, similar to photo voltaic and wind generators. Our buyer base contains utility corporations, municipalities, universities, hospitals, authorities entities/army bases and quite a lot of industrial and business enterprises. Our main geographic markets are at the moment the US and South Korea, and we’re pursuing alternatives in different nations around the globe. FuelCell Vitality, primarily based in Connecticut, was based in 1969.
SureSource, SureSource 1500, SureSource 3000, SureSource 4000, SureSource Restoration, SureSource Seize, SureSource Hydrogen, SureSource Storage, SureSource Service, SureSource Capital, FuelCell Vitality, and FuelCell Vitality emblem are all logos of FuelCell Vitality, Inc.
This information launch comprises forward-looking statements inside the that means of the secure harbor provisions of the Non-public Securities Litigation Reform Act of 1995. Ahead-looking statements embody, with out limitation, statements with respect to the Firm’s anticipated monetary outcomes and statements relating to the Firm’s plans and expectations relating to the persevering with growth, commercialization and financing of its gasoline cell expertise and its enterprise plans and methods. Ahead-looking statements on this launch additionally embody, however should not restricted to, statements relating to the conduct of the Providing and the scale and phrases of the Providing. All forward-looking statements are topic to dangers and uncertainties that would trigger precise outcomes to vary materially from these projected. Elements that would trigger such a distinction embody, with out limitation, modifications to projected deliveries and order circulation, modifications to manufacturing price and product prices, common dangers related to product growth, manufacturing, modifications within the regulatory setting, buyer methods, potential to entry sure markets, unanticipated manufacturing points that influence energy plant efficiency, modifications in crucial accounting insurance policies, entry to and skill to lift capital and entice financing, potential volatility of vitality costs, speedy technological change, competitors, the Firm’s potential to efficiently implement its new enterprise methods and obtain its objectives, the Firm’s potential to realize its gross sales plans and price discount targets, modifications by the U.S. Small Enterprise Administration or different governmental authorities to, or with respect to the implementation or interpretation of, the Coronavirus Support, Aid, and Financial Safety Act, the Paycheck Safety Program or associated administrative issues, and considerations with, threats of, or the results of, pandemics, contagious ailments or well being epidemics, together with the novel coronavirus, and ensuing provide chain disruptions, shifts in clear vitality demand, impacts to prospects’ capital budgets and funding plans, impacts to the Firm’s challenge schedules, impacts to the Firm’s potential to service present initiatives, and impacts on the demand for the Firm’s merchandise, in addition to different dangers set forth within the Firm’s filings with the Securities and Change Fee. The forward-looking statements contained herein converse solely as of the date of this press launch. The Firm expressly disclaims any obligation or enterprise to launch publicly any updates or revisions to any such assertion to mirror any change within the Firm’s expectations or any change in occasions, situations or circumstances on which any such assertion is predicated.
FuelCell Vitality, Inc.
Supply: FuelCell Vitality