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FuelCell Energy sells 34.4 million shares, makes 2 C-level appointments

FuelCell Energy Inc. has issued and sold approximately 34.4 million common shares at an average price of 42 cents per share for net proceeds of about $14.2 million.

The company sold the shares between Sept. 10 and Sept. 12 under its "at-the-market" equity program, according to a Form 8-K filed Sept. 12.

In July, FuelCell Energy announced a plan to sell up to $42 million shares to pay down debt. The debt includes the company's 10.90% senior secured credit facility with Hercules Capital Inc. and an 8.5% loan from NRG Energy Inc.

Combined with previous sales, the company has sold an aggregate of approximately $41.7 million of common stock as of Sept. 12. The sales were made pursuant an agreement between FuelCell Energy, B. Riley FBR Inc. and Oppenheimer & Co. Inc.

The company said it may sell up to approximately $8.3 million of common stock in the future under its at-the-market equity program, subject to contractual requirements, trading windows and market conditions.

As of Sept. 12, FuelCell Energy has 160,333,077 shares of common stock outstanding.

Separately, the company on Sept. 12 appointed Jennifer Arasimowicz as its new chief administrative officer.

Arasimowicz will continue to serve as the company's general counsel, corporate secretary, and executive vice president. She joined FuelCell Energy in 2012 and most recently served as chief commercial officer of the company.

FuelCell Energy President and CEO Jason Few replaced Arasimowicz as chief commercial officer, effective Sept. 12.