Shares of FuelCell Energy Inc. were down 8.5 percent in late morning trading Thursday, a day after the Danbury company completed a $27.9 million stock offering.
FuelCell was down 10 cents to $1.08 at 11:30 a.m. on Nasdaq.
The company said it issued 24 million shares at $1.25 per share, The Associated Press reports
The funds will be used to develop products, finance projects, expand manufacturing capacity, and for general corporate purposes.
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The company had 85.3 million shares on the market as of June 7, so the offering increases the company’s share count by 28 percent.
FuelCell also gave the underwriters of the sale an option to buy another 3.6 million shares to cover any overallotments. It did not say if any of those options will be exercised.
