FuelCell Energy Inc.
FuelCell Energy Announces 1-For-30 Reverse Stock Split
Summary
FuelCell Energy, Inc. announced a 1-for-30 reverse stock split to be effective on November 8, 2024, at 5:00 p.m. Eastern Time. The split aims to increase the stock's bid price, potentially enabling the company to regain compliance with Nasdaq's minimum bid price requirement. The reverse stock split will reduce the number of outstanding shares from 611 million to approximately 20 million, with adjustments made to equity-based compensation plans. Trading of the Company's common stock on a Reverse Stock Split-adjusted basis will begin on November 11, 2024, under the symbol 'FCEL'.
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About FuelCell Energy Inc.
FuelCell Energy Inc. designs, manufactures, operates, and services fuel cell power plants. These power plants utilize a proprietary technology that converts lower carbon fuels like natural gas and biogas into electricity and heat via an electrochemical process, rather than traditional combustion methods. This process results in more efficient energy conversion with minimal emissions, making it an attractive solution for businesses and municipalities aiming to reduce their carbon footprints. FuelCell Energy's power solutions are predominantly used in commercial and industrial buildings, data centers, and utility projects, serving diverse sectors including utilities, manufacturing, and healthcare. The company is headquartered in Danbury, Connecticut, and plays a crucial role in the shift towards cleaner energy sources by offering scalable and distributed power generation products. Through its efforts, FuelCell Energy contributes significantly to the renewable energy landscape by providing continuous, reliable low-carbon power solutions.
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