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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

 

 

FORM 8-K

 

 

CURRENT REPORT

Pursuant to Section 13 or 15(d) of
The Securities Exchange Act of 1934

 

Date of Report (Date of earliest event reported): November 7, 2024

 

 

 

FUELCELL ENERGY, INC.

(Exact Name of Registrant as Specified in its Charter)

 

 

 

Delaware   1-14204   06-0853042

(State or Other Jurisdiction
of Incorporation)

 

(Commission

File Number)

 

(IRS Employer

Identification No.)

         
   

3 Great Pasture Road

Danbury, Connecticut

  06810
    (Address of Principal Executive Offices)   (Zip Code)

 

Registrant’s telephone number, including area code: (203825-6000

 

Not Applicable

(Former Name or Former Address, if Changed Since Last Report)

 

 

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

¨Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

¨Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

¨Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

¨Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class   Trading Symbol(s)   Name of each exchange on which registered
Common Stock, $0.0001 par value per share   FCEL   The Nasdaq Stock Market LLC
(Nasdaq Global Market)

 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

 

Emerging growth company ¨

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

 

 

 

 

 

Item 3.03.Material Modification to Rights of Security Holders.

 

To the extent required by Item 3.03 of Form 8-K, the information contained in Item 5.03 of this Current Report on Form 8-K is incorporated herein by reference.

 

Item 5.03.Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year.

 

As previously disclosed, at a special meeting of stockholders held on October 31, 2024, the stockholders of FuelCell Energy, Inc. (the “Company”) adopted an amendment (the “Reverse Stock Split Amendment”) to the Company’s Certificate of Incorporation, as amended (the “Certificate of Incorporation”), to effect a reverse stock split of the issued and outstanding shares of the Company’s common stock, par value $0.0001 per share (the “Common Stock”), and shares of Common Stock held in treasury, at a specific ratio ranging from one-for-ten shares to one-for-thirty shares, with the exact ratio within such range to be determined by the Board of Directors of the Company (the “Board”).  The Board subsequently approved the implementation and consummation of the reverse stock split at a ratio of one-for-thirty (the “Reverse Stock Split”).

 

On November 7, 2024, the Company filed with the Secretary of State of the State of Delaware a Certificate of Amendment of the Certificate of Incorporation setting forth the Reverse Stock Split Amendment (the “Certificate of Amendment”), effective as of 5:00 p.m., Eastern Time, on November 8, 2024, to effect the Reverse Stock Split of the issued and outstanding shares of Common Stock and shares of Common Stock held in treasury.  The Reverse Stock Split will reduce the number of shares of Common Stock outstanding from 611,278,662 shares to approximately 20,375,955 shares, subject to adjustment for the payment of cash in lieu of fractional shares (as described below).  The Reverse Stock Split will not change the total number of shares of Common Stock or preferred stock authorized for issuance by the Company.  

 

The Reverse Stock Split will become effective as of 5:00 p.m., Eastern Time, on November 8, 2024, at which time every thirty shares of the Company’s issued and outstanding Common Stock will be automatically converted into one issued and outstanding share of Common Stock, without any change in the par value per share.

 

No fractional shares of Common Stock will be issued as a result of the Reverse Stock Split.  Instead, each registered holder of Common Stock who would otherwise be entitled to a fractional share of Common Stock will receive, in lieu thereof, a cash payment (without interest) in an amount equal to the fraction to which such stockholder would otherwise be entitled multiplied by the closing price per share of the Common Stock, as reported on The Nasdaq Stock Market, on November 8, 2024.

 

The Common Stock will begin trading on a Reverse Stock Split-adjusted basis on The Nasdaq Global Market on Monday, November 11, 2024. The trading symbol for the Common Stock will remain “FCEL.”  The new CUSIP number for the Common Stock following the Reverse Stock Split will be 35952H700.

 

With respect to each of the FuelCell Energy, Inc. Amended and Restated 2010 Equity Incentive Plan and the FuelCell Energy, Inc. 2018 Omnibus Incentive Plan, as amended and restated (collectively, the “Equity Incentive Plans”), equitable adjustments will be made in connection with the Reverse Stock Split to: (i) the number of shares in respect of which awards may be made under the Equity Incentive Plans; (ii) the number of shares that may be issued pursuant to the exercise of incentive stock options under the Equity Incentive Plans; (iii) the number of shares subject to outstanding awards under the Equity Incentive Plans; and (iv) the award, exercise or conversion price with respect to any of the foregoing, in a manner consistent with the terms of the Equity Incentive Plans.  More specifically, the per share exercise price of all outstanding option awards will be increased proportionately and the number of shares of Common Stock issuable upon the exercise of all outstanding option awards will be reduced proportionately.  These adjustments will result in approximately the same aggregate exercise price being required to be paid for all outstanding option awards upon exercise, although the aggregate number of shares issuable upon exercise of such option awards will be reduced proportionately following the Reverse Stock Split.  The number of shares of Common Stock issuable upon settlement of outstanding restricted stock unit, performance stock unit and deferred stock unit awards and the number of shares of outstanding restricted stock subject to outstanding awards, if any, will be reduced proportionately. If the equitable adjustments described above result in an award relating to a fractional share, such fractional share will be cancelled on the effective date of the Reverse Stock Split for no consideration in accordance with the terms of the Equity Incentive Plans.

 

In addition, with respect to the FuelCell Energy, Inc. 2018 Employee Stock Purchase Plan, as amended and restated (the “ESPP”), proportionate adjustments will be made in connection with the Reverse Stock Split to: (i) the total number of shares available for purchase under the ESPP, in accordance with the terms of the ESPP; (ii) with respect to each option outstanding under the ESPP at the effective time of the Reverse Stock Split, the option exercise price and number of shares subject to such option, in accordance with the terms of the ESPP; and (iii) the per-offering limit on the number of shares that may be purchased, as provided in Section 5 of the ESPP.

 

 

 

 

Finally, adjustments required in connection with the Reverse Stock Split will be made with respect to any other equity-based plans or any equity-based provisions in any agreements that are linked to shares of Common Stock, including, but not limited to, an adjustment to the conversion rate under the Amended Certificate of Designation of 5% Series B Cumulative Convertible Perpetual Preferred Stock of the Company.

 

For more information regarding the Reverse Stock Split, see the definitive proxy statement filed by the Company with the Securities and Exchange Commission on September 17, 2024, the relevant portions of which are incorporated herein by reference. The description of the Certificate of Amendment and the Reverse Stock Split in this Current Report on Form 8-K is qualified in its entirety by reference to the full text of the Certificate of Amendment, a copy of which is filed as Exhibit 3.1 hereto and incorporated herein by reference.

 

Item 7.01.Regulation FD Disclosure.

 

On November 7, 2024, the Company issued a press release announcing the Reverse Stock Split. A copy of this press release is furnished as Exhibit 99.1 hereto.

 

The information furnished in this Item 7.01, including Exhibit 99.1, is not deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liability of that section. This information will not be deemed to be incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act, except to the extent that the Company specifically incorporates it by reference.

 

Item 9.01.Financial Statements and Exhibits.

 

Exhibit
No.

  Description
     
3.1   Certificate of Amendment of Certificate of Incorporation of FuelCell Energy, Inc., effective November 8, 2024.
     
99.1   FuelCell Energy, Inc. Press Release, dated November 7, 2024.
     
104   Cover Page Interactive Data File (embedded within the Inline XBRL document).

 

 

 

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

  FUELCELL ENERGY, INC.
     
Date:  November 7, 2024 By: /s/ Michael S. Bishop
    Michael S. Bishop
    Executive Vice President, Chief Financial Officer and Treasurer

 

 

 

Exhibit 3.1

 

CERTIFICATE OF AMENDMENT

OF

CERTIFICATE OF INCORPORATION

OF

FUELCELL ENERGY, INC.

 

It is hereby certified that:

 

1.               The name of the corporation is FuelCell Energy, Inc. (the “Corporation”).

 

2.              The Board of Directors of the Corporation has duly adopted resolutions setting forth a proposed amendment of the Certificate of Incorporation of the Corporation, as amended (the “Certificate of Incorporation”), declaring said amendment to be advisable and calling for the stockholders of the Corporation to consider such amendment at a special meeting of the stockholders of the Corporation, which amendment would amend Article Fourth of the Certificate of Incorporation by adding the following paragraph to the end of Article Fourth of the Certificate of Incorporation:

 

“Upon the filing and effectiveness of this Certificate of Amendment (the “Effective Time”), the shares of the Common Stock issued and outstanding or held in the treasury (if any) immediately prior to the Effective Time shall be automatically combined and reclassified, without further action, such that each ten (10) to thirty (30) shares of issued Common Stock immediately prior to the Effective Time is reclassified into one (1) validly issued, fully paid and non-assessable share of Common Stock, the exact ratio within the ten (10) to thirty (30) range to be determined by the Board of Directors prior to the Effective Time and publicly announced by the Corporation. Notwithstanding the immediately preceding sentence, no fractional shares shall be issued and, in lieu thereof, any holder of Common Stock immediately prior to the Effective Time who would otherwise be entitled to a fraction of a share of Common Stock shall be entitled to receive a cash payment (without interest) in an amount equal to the fraction of a share of Common Stock to which the stockholder would otherwise be entitled multiplied by the closing price of the Common Stock, as reported on The Nasdaq Stock Market, on the date of the Effective Time. Each stock certificate that, immediately prior to the Effective Time, represented shares of Common Stock that were issued and outstanding immediately prior to the Effective Time shall, from and after the Effective Time, automatically and without the necessity of presenting the same for exchange, represent that number of whole shares of Common Stock after the Effective Time into which the shares of Common Stock formerly represented by such certificate shall have been reclassified, provided, however, that each person of record holding a certificate that represented shares of Common Stock that were issued and outstanding immediately prior to the Effective Time shall receive, upon surrender of such certificate, a new certificate evidencing and representing the number of whole shares of Common Stock after the Effective Time into which the shares of Common Stock formerly represented by such certificate shall have been reclassified.”

 

3.               Pursuant to a resolution of the Board of Directors, a special meeting of the stockholders of the Corporation was duly called and held upon notice in accordance with Section 222 of the General Corporation Law of the State of Delaware (the “DGCL”), at which meeting the necessary number of shares as required by the DGCL were voted in favor of the amendment.

 

 

 

 

4.              The amendment of the Certificate of Incorporation herein certified has been duly adopted in accordance with the provisions of Section 242 of the DGCL.

 

5.              This Certificate of Amendment shall become effective as of 5:00 p.m., Eastern time, on November 8, 2024.

 

IN WITNESS WHEREOF, the Corporation has caused this Certificate of Amendment to be signed by the undersigned officer this 7th day of November, 2024.

 

  By: /s/ Michael S. Bishop
  Name: Michael S. Bishop
  Title:   Executive Vice President, Chief Financial Officer, and Treasurer

 

 

Exhibit 99.1

 

 

FuelCell Energy Announces 1-For-30 Reverse Stock Split

 

DANBURY, Conn., November 7, 2024 (GLOBE NEWSWIRE) -- FuelCell Energy, Inc. (Nasdaq: FCEL) today announced that a 1-for-30 reverse stock split of its issued and outstanding shares of common stock will become effective at 5:00 p.m., Eastern time, on November 8, 2024, and that trading of the Company’s common stock on a post-split basis on The Nasdaq Global Market is expected to begin on November 11, 2024.

 

Today, the Company filed a Certificate of Amendment of the Certificate of Incorporation of the Company with the Secretary of State of the State of Delaware to effect this reverse stock split of its issued and outstanding shares of common stock and shares of common stock held in treasury. Trading of the Company’s common stock on The Nasdaq Global Market will continue under the symbol “FCEL.” The new CUSIP number for the Company’s common stock following the reverse stock split will be 35952H700.

 

The reverse stock split is intended, among other things, primarily to increase the bid price of the Company’s common stock to enable the Company to regain compliance with the minimum bid price requirement of $1.00 per share for continued listing on The Nasdaq Global Market and to appeal to a broader range of investors to generate greater investor interest in the Company.

 

When the reverse stock split becomes effective, every 30 shares of the Company’s common stock issued and outstanding will be combined and reclassified automatically into 1 share of common stock. The reverse stock split will affect all holders of common stock uniformly and each stockholder will hold the same percentage of common stock outstanding immediately following the reverse stock split as that stockholder held immediately prior to the reverse stock split, except for adjustments that may result from the treatment of fractional shares. No fractional shares will be issued as a result of the reverse stock split. Instead, each holder of common stock immediately prior to the effective time of the reverse stock split who would otherwise be entitled to a fraction of a share will be entitled to receive, in lieu thereof, a cash payment (without interest) in an amount equal to the fraction to which such stockholder would otherwise be entitled multiplied by the closing price per share of the Company’s common stock, as reported on The Nasdaq Stock Market, on November 8, 2024.

 

The Company’s transfer agent, Equiniti Trust Company, LLC, will act as exchange agent for the reverse stock split.

 

·Stockholders owning shares via a broker or other nominee will have their positions automatically adjusted to reflect the reverse stock split, subject to brokers’ particular processes, and will not be required to take any action in connection with the reverse stock split.

 

·Registered stockholders holding pre-split shares of the Company’s common stock electronically in book-entry form are not required to take any action to receive post-split shares and their cash payment in lieu of fractional shares, if applicable.

 

·Stockholders of record holding certificates representing pre-split shares of the Company’s common stock as of the effective time will receive a letter of transmittal from Equiniti Trust Company, LLC providing instructions regarding (i) the exchange of shares and (ii) how to receive their cash payment in lieu of fractional shares, if applicable.

 

 

 

 

The reverse stock split will not change the total number of shares of common stock or preferred stock authorized for issuance by the Company. Additionally, the par value of the Company’s common stock will remain at $0.0001 per share.

 

About FuelCell Energy

 

FuelCell Energy, Inc. is a global leader in sustainable energy technologies that address some of the world’s most critical challenges around energy, safety, and global urbanization. It collectively holds 531 fuel cell technology patents in the United States and globally. As a leading global manufacturer of proprietary fuel cell technology platforms, FuelCell Energy is uniquely positioned to serve customers, including businesses, utilities, governments, and municipalities with sustainable products and solutions. The Company’s solutions are designed to enable a world empowered by sustainable energy, enhancing the quality of life for people around the globe. Learn more at fuelcellenergy.com.

 

Cautionary Note Regarding Forward-Looking Statements

 

This release contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 regarding future events or the Company’s future performance that involve certain contingencies and uncertainties. The forward-looking statements include, without limitation, statements related to the timing, implementation and effect of the reverse stock split, the potential impact of the reverse stock split on the bid price of the Company’s common stock, and the Company’s ability to regain compliance with the minimum bid price requirement and continue to have its common stock listed on The Nasdaq Global Market. These forward-looking statements are not guarantees of future performance, and all forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those projected. Factors that could cause such a difference include, without limitation, the risk that the reverse stock split may not be implemented on the expected timeline; the risk that, after the reverse stock split, the minimum bid price of the Company’s common stock will not be at least $1.00 per share for a minimum of ten consecutive trading days; the Company’s ability to regain compliance with, and thereafter continue to comply with, the minimum bid price requirement of The Nasdaq Global Market; the Company’s ability to continue to maintain compliance with other continued listing standards of The Nasdaq Global Market; the risk that the reverse stock split will not result in the intended benefits; and the other risks set forth in the Company’s filings with the Securities and Exchange Commission, including the Company’s Annual Report on Form 10-K for the fiscal year ended October 31, 2023 and the Company’s Quarterly Report on Form 10-Q for the fiscal quarter ended July 31, 2024. The forward-looking statements contained herein speak only as of the date of this release. The Company expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any such statement contained herein to reflect any change in the Company’s expectations or any change in events, conditions or circumstances on which any such statement is based.

 

 

 

 

Press Contact

 

FuelCell Energy

Kathleen Blomquist

kblomquist@fce.com

 

Investor Relations Contact

 

FuelCell Energy

Tom Gelston

tgelston@fce.com

 

 

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Document Type 8-K
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Document Period End Date Nov. 07, 2024
Current Fiscal Year End Date --10-31
Entity File Number 1-14204
Entity Registrant Name FUELCELL ENERGY, INC.
Entity Central Index Key 0000886128
Entity Tax Identification Number 06-0853042
Entity Incorporation, State or Country Code DE
Entity Address, Address Line One 3 Great Pasture Road
Entity Address, City or Town Danbury
Entity Address, State or Province CT
Entity Address, Postal Zip Code 06810
City Area Code 203
Local Phone Number 825-6000
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Pre-commencement Tender Offer false
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Title of 12(b) Security Common Stock, $0.0001 par value per share
Trading Symbol FCEL
Security Exchange Name NASDAQ
Entity Emerging Growth Company false

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