Friday, natural gas firm Clean Energy Fuels Corp. (CLNE) said it was offering 8.2 million shares of common stock at $8.30 per share. On June 22, the Seal Beach, California-based company said it intended offering 6 million shares in the follow-on share sale.
Clean Energy priced its stock offering at a discount, opening today's regular trading session at $8.95.
The company anticipates using the proceeds from the offering for working capital and other general corporate purposes. The proceeds may also be used for capital expenditures related to station construction activities, investment in the company's LNG plants and biomethane production plant, or future acquisitions of natural gas fueling infrastructure, vehicle or services businesses and biomethane production assets.
Clean Energy said it has granted underwriters a 30-day option from the date of the final prospectus supplement to buy up to 1.23 additional shares to cover over allotments, if any. Subject to customary closing conditions, the offering is expected to close on July 1.
CLNE is currently trading down 2 cents at $8.98.
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