FuelCell Energy Inc. in Danbury said Friday that it has priced a stock offering of 24 million shares at $1.25 each, The Associated Press reports.
The company wants to raise $30 million. After expenses, the company said it will net about $28 million that it will use for product development, project financing, expansion of manufacturing capacity and general corporate purposes.
FuelCell has granted the underwriters a 30-day option to purchase up to an additional 15 percent of the shares if there is strong demand. That could generate an additional $4.5 million for the company.
The offering is expected to close by Wednesday.
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The company makes fuel cells for utilities, the government and the commercial and industrial sector.
