FuelCell prices 22M-share offering at $1.25, gives up most YTD gains

|About: FuelCell Energy, Inc. (FCEL)|By:, SA News Editor

FuelCell Energy (FCEL -11.5%) gives up nearly all YTD gains after starting its public offering of 22M common shares at $1.25 each for gross proceeds of ~$27.5M.

FCEL plans to use the net proceeds toward project development, project finance, working capital support and general corporate purposes.

Though an offering was necessary, the discount seems severe, 24/7's Jon Ogg comments.