FUELCELL ENERGY, INC. (NASDAQ:FCEL) Files An 8-K Other Events
Item 8.01.
The Company originally scheduled the Special Meeting to consider (i) a proposal to increase the number of authorized shares of common stock of the Company from 225,000,000 shares to 450,000,000 shares, (ii) a proposal to authorize the Board to effect a reverse stock split through an amendment to the Company’s Certificate of Incorporation, as amended, and (iii) a proposal to adjourn the Special Meeting, if necessary, to solicit additional proxies. As discussed in the definitive proxy statement for the Special Meeting, which was filed by the Company with the Securities and Exchange Commission on November 6, 2019, one of the purposes of the proposed reverse stock split was to increase the closing bid price of the Company’s common stock to a level satisfactory to regain compliance with the continued listing requirements – in particular, the minimum bid price requirement – of the Nasdaq Global Market. To regain compliance with such requirement, the closing bid price of the Company’s common stock must be at least $1.00 per share for a minimum of 10 consecutive business days by January 14, 2020.
The Company will continue to execute on its business plan in support of organic growth, and will also explore other options available to it to meet the Nasdaq minimum bid price requirement, including the submission of an application to transfer the listing of its common stock to The Nasdaq Capital Market and requesting an additional 180-day period to meet the minimum bid price requirement.
About FUELCELL ENERGY, INC. (NASDAQ:FCEL)
FuelCell Energy, Inc. is an integrated fuel cell company. The Company designs, manufactures, sells, installs, operates and services stationary fuel cell power plants for distributed power generation. The Company’s segment is fuel cell power plant production and research. The Company’s power plants provide on-site power and utility grid support. The Company’s plants operate in approximately 50 locations on approximately three continents and generate approximately four billion kilowatt hours (kWh) of electricity. The Company’s fuel cell products, Direct FuelCell (DFC) power plants offer power generation for customers, including approximately 2.8 megawatts DFC3000, approximately 1.4 megawatts DFC1500 and approximately 300 kilowatts DFC300 plus derivations of the DFC product for specific applications. The Company offers project development; engineering procurement and construction (EPC) services operations and maintenance, and project finance.
