FuelCell Energy, Inc. has announced a special meeting of stockholders to be held virtually on October 31, 2024. The primary agenda is to vote on a proposed reverse stock split of the company's issued and outstanding shares of common stock. The reverse stock split ratio will range from one-for-ten (1:10) to one-for-thirty (1:30), with the exact ratio to be determined by the Board of Directors without further approval from the stockholders. The reverse stock split is intended to increase the market price of FuelCell Energy's common stock to comply with Nasdaq's minimum bid price requirement. The company received a notice from Nasdaq on May 31, 2024, indicating non-compliance with the minimum bid price rule. FuelCell Energy has until...Show More

FuelCell Energy, Inc. has announced a special meeting of stockholders to be held virtually on October 31, 2024. The primary agenda is to vote on a proposed reverse stock split of the company's issued and outstanding shares of common stock. The reverse stock split ratio will range from one-for-ten (1:10) to one-for-thirty (1:30), with the exact ratio to be determined by the Board of Directors without further approval from the stockholders. The reverse stock split is intended to increase the market price of FuelCell Energy's common stock to comply with Nasdaq's minimum bid price requirement. The company received a notice from Nasdaq on May 31, 2024, indicating non-compliance with the minimum bid price rule. FuelCell Energy has until November 27, 2024, to regain compliance. The Board recommends stockholders to vote in favor of the reverse stock split to maintain the company's listing on Nasdaq. Additionally, stockholders will vote on whether to approve adjournments of the special meeting, if necessary, to solicit additional proxies if there are not sufficient votes in favor of the reverse stock split proposal. The record date for determining stockholders entitled to vote at the special meeting is September 10, 2024. The company's management urges stockholders to submit their proxies even if they plan to attend the virtual meeting.