FuelCell Energy, Inc.
(NASDAQ:FCEL) shares fell more than 18% in Wednesday's premarket session after the company priced an upsized public offering of common stock at a steep discount to its previous closing price.
The offering fueled concerns about shareholder dilution and prompted selling following the stock's strong 12-month rally.
The decline also came amid a broader risk-off market tone, with Nasdaq futures down 1.41% and S&P 500 futures lower by 1.02%.
FuelCell Prices Upsized Offering FuelCell Energy priced 10.71 million shares at $21.00 each, expecting gross proceeds of $225 million before underwriting discounts, commissions, and offering expenses.
