FuelCell Energy Stockholders Approve Reverse Stock Split Proposal at Special Meeting

FuelCell Energy, Inc. (NASDAQ:FCEL) recently held a special meeting of stockholders on October 31, 2024, where key matters were put to a vote. As of September 10, 2024, the record date for the Special Meeting, there were 556,009,549 shares of the Company’s common stock issued, outstanding, and entitled to vote.

During the Special Meeting, a significant portion of the Company’s common stock, totaling 258,669,292 shares or approximately 47% in voting power, were present either in person (virtually) or by proxy, which constituted a quorum. Two proposals were presented to the stockholders for voting, as outlined in the Company’s Definitive Proxy Statement filed with the Securities and Exchange Commission on September 17, 2024.

One of the proposals included the adoption of an amendment to the Company’s Certificate of Incorporation to implement a reverse stock split of the Company’s issued and outstanding common stock. The reverse stock split was proposed to occur at a specific ratio between one-for-ten (1:10) to one-for-thirty (1:30) at any time prior to May 23, 2025. The exact ratio would be determined by the Company’s Board of Directors without the need for further approval from stockholders.

The final voting results for the Reverse Stock Split Proposal indicated that 170,249,976 votes were cast in favor, 86,416,257 votes against, with 2,003,059 abstentions and no broker non-votes. Accordingly, the Reverse Stock Split Proposal received approval from the Company’s stockholders.

Additionally, the stockholders voted on the Approval of one or more adjournments of the Special Meeting if required to secure additional proxies in case there were insufficient votes in favor of the Reverse Stock Split Proposal. The Adjournment Proposal garnered 169,840,764 votes for, 85,236,866 votes against, with 3,591,662 abstentions and no broker non-votes. Despite this proposal being approved, the necessity for adjourning the meeting for additional proxies was obviated by the approval of the Reverse Stock Split Proposal.

The report ending on November 1, 2024, was signed by Michael S. Bishop, the Executive Vice President, Chief Financial Officer, and Treasurer of FuelCell Energy, Inc.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read FuelCell Energy’s 8K filing here.

FuelCell Energy Company Profile

FuelCell Energy, Inc, together with its subsidiaries, manufactures and sells stationary fuel cell and electrolysis platforms that decarbonize power and produce hydrogen. The company provides various configurations and applications of its platform, including on-site power, utility grid support, and microgrid, as well as distributed hydrogen; solid oxide-based electrolysis; solutions for long duration hydrogen-based energy storage and electrolysis technology; and carbon capture, separation, and utilization systems.