FuelCell's Stock Tumbles Toward Record Low After Stock Offering

By Tomi KilgoreMarketsMarketWatch Pulse

Shares of FuelCell Energy Inc. tumbled 10% in morning trade Tuesday, toward the lowest close since the fuel cell maker went public 25 years ago, after disclosing a common stock offering. The stock began trading on June 25, 1992. The company disclosed in a filing late Monday that it was selling 12 million shares of common stock, warrants to buy 12 million common shares within an initial exercise price of $1.60 a share and warrants to buy 12 million shares and an initial exercise price of $1.28 a share. The company had 42.5 million shares outstanding as of March 6, filings show. The stock has plummeted 37% year to date, while the S&P 500 has gained 6.7%.

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