Shares of FuelCell in Danbury Plunge After Stock Split

DANBURY, CT — FuelCell Energy, an alternative fuel manufacturer headquartered in Danbury, undertook a 12 to one reverse stock split just before close of trading on Wednesday.

The strategy is in the shadow of a NASDAQ de-listing threat if the small-cap company can't trade its shares above $1 for 10 consecutive days before the end of the month. Shares of FCEL traded at just 20 cents on Tuesday, an all-time company low. Shares were listed at $2.46 in ahead of the start of trading Thursday, but had dropped more than 32 percent to $1.67 around 1:30 Thursday afternoon.

The stock split was not unexpected. The FuelCell stockholders approved the tactic at the 2019 Annual Meeting of Stockholders on April 4, and the Board of Directors subsequently approved the implementation of the reverse stock split at the ratio of 1-for-12.