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Bloom Energy Corporation (NYSE: BE) has priced its underwritten public offering of 13,000,000 shares of Class A common stock at $26.00 per share, aiming for gross proceeds of approximately $338.0 million. The underwriters have a 30-day option to purchase an additional 1,950,000 shares. The offering is set to close on August 19, 2022, pending customary conditions. Proceeds will support general corporate purposes, including R&D, sales, marketing activities, and potential debt repayment.
Positive
Gross proceeds expected to be approximately $338.0 million.
Proceeds will be utilized for general corporate purposes, supporting research, development, and marketing.
Potential for additional capital through underwriters' option to purchase more shares.
Negative
Dilution risk for existing shareholders due to new share issuance.
Market volatility could impact stock price post-offering.
SAN JOSE, Calif.--(BUSINESS WIRE)--
Bloom Energy Corporation (NYSE: BE) today announced the pricing of its underwritten public offering of 13,000,000 shares of Class A common stock at a public offering price of $26.00 per share, before underwriting discounts and commissions. All of the shares of common stock are being offered by Bloom Energy. In addition, Bloom Energy has granted the underwriters a 30-day option to purchase up to an additional 1,950,000 shares of common stock at the public offering price, less underwriting discounts and commissions. The gross proceeds from the offering, before deducting underwriting discounts and commissions and other offering expenses payable by Bloom Energy, are expected to be $338.0 million, excluding any exercise of the underwriters’ option to purchase additional shares. The offering is expected to close on August 19, 2022, subject to customary closing conditions.
J.P. Morgan, Morgan Stanley and BofA Securities are acting as joint book-running managers for the offering. Baird, Cowen, Credit Suisse, KeyBanc Capital Markets, Oppenheimer & Co., Wells Fargo Securities, Raymond James and Tuohy Brothers are acting as co-managers for the offering.
A shelf registration statement relating to these securities was filed with the U.S. Securities and Exchange Commission (SEC) on October 25, 2021, and automatically became effective upon filing. This offering is being made solely by means of a prospectus. A copy of the final prospectus supplement and the accompanying prospectus relating to this offering, when available, may be obtained for free by visiting EDGAR on the SEC’s website at www.sec.gov. Alternatively, a copy of the final prospectus supplement and the accompanying prospectus relating to this offering, when available, may be obtained by contacting: J.P. Morgan Securities LLC, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, by telephone at +1 (866) 803-9204 or by email at prospectus-eq_fi@jpmorganchase.com; Morgan Stanley & Co. LLC, Attention: Prospectus Department, 180 Varick Street, 2nd Floor, New York, NY 10014; or BofA Securities, Attn: Prospectus Department, NC1-004-03-43, 200 North College Street, 3rd floor, Charlotte, NC 28255-0001 or by email at dg.prospectus_requests@bofa.com.
Bloom Energy intends to use the net proceeds from this offering for general corporate purposes, including research and development and sales and marketing activities, general and administrative matters and capital expenditures, and which may include the repayment of some or all of our outstanding indebtedness.
This press release shall not constitute an offer to sell or a solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or other jurisdiction.
About Bloom Energy
Bloom Energy’s mission is to make clean, reliable energy affordable for everyone in the world. Bloom Energy’s solid oxide platform for distributed generation of electricity and hydrogen delivers highly reliable and resilient, always-on electric power that is clean, fuel flexible, cost-effective and ideal for microgrid applications. Bloom Energy’s solid oxide platform can also be used to produce zero carbon hydrogen. Bloom’s customers include many Fortune 100 companies and leaders in manufacturing, data centers, healthcare, retail, higher education, utilities and other industries.
Forward-Looking Statements
This press release includes forward-looking statements, including statements regarding the completion and timing of closing of the offering and the intended use of the proceeds. Forward-looking statements represent Bloom Energy’s current expectations regarding future events and are subject to known and unknown risks and uncertainties that could cause actual results to differ materially from those implied by the forward-looking statements. Among those risks and uncertainties are market conditions, including the trading price and volatility of Bloom Energy’s Class A common stock and risks relating to Bloom Energy’s business and the satisfaction of closing conditions in the underwriting agreement related to the offering. The forward-looking statements included in this press release speak only as of the date of this press release, and Bloom Energy does not undertake to update the statements included in this press release for subsequent developments, except as may be required by law.
