AP NEWS

Danbury fuel cell maker triggers Nasdaq split

May 9, 2019

Under the threat of its shares being delisted from the Nasdaq National Market, FuelCell Energy undertook a reverse split of its stock at a ratio of 12 to one, after a day in which its shares touched a new low of 20 cents to give it a market capitalization of about $26 million.

FuelCell has its headquarters in Danbury and its main manufacturing plant in Torrington, with the company’s power plants producing electricity through a chemical process. The company recently revealed plans to cut 135 jobs during a period of slower production.

FuelCell faces a late May deadline for its shares to trade above $1 for 10 consecutive days to maintain compliance with Nasdaq’s minimum requirement. FuelCell shares were newly priced at $2.46 in advance of Thursday’s opening bell.

Alex.Soule@scni.com; 203-842-2545; @casoulman