Boston, MA, 06/21/2013 (nysepost) - The share prices of FuelCell Energy, Inc. (NASDAQ:FCEL) had been traded in the price range of $1.12 and $1.22 per share on Thursday. The value per share was decreased by 12.94 percent with a net change is $0.18 per share less when compare to the previous day. The opening price is $1.16 per share and closing price is $1.18 per share. The share price of FCEL had made no change in the 52 week high value as $1.64 per share, then 52 week low value $0.83 per share.
FuelCell Energy, Inc. (NASDAQ:FCEL) is an integrated fuel cell company. The company designs, manufactures, sells, installs, operates and service ultra clean, stationary fuel cell power plants for distributed baseload power generation. The Company Direct FuelCell (DFC) power plants use a range of available fuels to produce electricity.
The Company announced that it has entered into an underwriting agreement with respect to an offering of $38 million principal amount of its 8.00 percent senior unsecured convertible notes due June 15, 2018. Lazard Capital Markets LLC acted as sole book-running manager and Stifle acted as co-lead manager.
The notes are convertible into shares of FuelCell Energy, Inc. (NASDAQ:FCEL) common stock at a conversion rate of 645.1613 shares of common stock per $1000 principal amount of conversion note, equivalent to a conversion price of $1.55 per share. The closing offering is expected to take place on June 25,2013, subject to the satisfaction of customary closing conditions. The company intends to use the estimated net proceeds of approximately $36 million from the offering for working capital and general corporate purposes.
The market capitalization value is about $227.25 million and institutional investors shares is about 26 percent. The company had a trading volume as 10.05 million and the average volume as 3.94 million per day on Thursday. The company presently holds 191.94 million shares outstanding in the market.