FuelCell Energy, Inc. (NASDAQ:FCEL) shares fell more than 18% in Wednesday’s premarket session after the company priced an upsized public offering of common stock at a steep discount to its previous closing price.
The offering fueled concerns about shareholder dilution and prompted selling following the stock’s strong 12-month rally. The decline also came amid a broader risk-off market tone, with Nasdaq futures down 1.41% and S&P 500 futures lower by 1.02%.
FuelCell Prices Upsized Offering
FuelCell Energy priced 10.71 million shares at $21.00 each, expecting gross proceeds of $225 million before underwriting discounts, commissions, and offering expenses.
The company upsized the offering from the previously announced $200 million in common stock. FuelCell Energy is selling all shares in the offering.
Use Of Proceeds
FuelCell Energy plans to use the net proceeds for capital expenditures tied to manufacturing capacity expansion, working capital, and general corporate purposes.
FuelCell Energy expects to close the offering on or about July 9, 2026.
Technical Picture Remains Positive
Despite Wednesday’s selloff, FuelCell Energy continues to trade above its longer-term moving averages. The stock remains about 5.5% above its 50-day simple moving average of $19.97. It also trades well above its 100-day SMA of $13.73 and 200-day SMA of $10.96.
However, FCEL has fallen roughly 8% below its 20-day SMA of $22.90, showing that near-term momentum has weakened.
The relative strength index stands at 53.50, indicating neutral momentum. The reading suggests the stock is cooling after a strong run rather than entering an oversold or overbought condition.
The longer-term trend also remains constructive. The 20-day SMA stays above the 50-day SMA, while the 50-day SMA remains above the 200-day SMA following a golden cross formed in October 2025.
Traders will likely watch the $18.50 area closely. That level previously attracted buyers and could serve as an important support if selling continues.
FuelCell Energy Price Action
FCEL Stock Price Activity: FuelCell Energy shares were down 18.14% at $21.25 during premarket trading on Wednesday, according to Benzinga Pro data.
Photo by T. Schneider via Shutterstock
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